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Can i co-sign a mortgage without being placed on the deed?

1 Answers. Asked on Apr 01st, 2017 on Real Estate - Pennsylvania
More details to this question:
My mom died and now my dad is refinancing the house, but he does not have much credit. I said I would co-sign and remain off the deed. Mortgage people came and asked for to sign to place my name on the deed. I do not want to be on the deed. I just want to cosign so my dad can refinance.
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Answered on Apr 03rd, 2017 at 8:00 AM

I think you'd be co-signing for the loan.  The mortgage is what pledges the property as security for repayment of the loan.  What you need to do really depends on what the bank will require to give the loan.  You should think about what happens if your father cannot pay the loan.  You'll certainly want your father to put the house on the market and sell it in order to pay off the loan.  You might consider having some type of written agreement in place to address those matters before you co-sign for the loan.  It's nice of you to do this for your Dad but you are definitely impacting your credit.  It may also adversly impact your ability to borrow for your own purposes going forward. 

I recommend that you seek out a local attorney for a more in depth discussion of the matter. I do not recommend that you take any action steps without such a consult. Act quickly because by waiting, you may lose certain rights and remedies available to you.

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