As a guarantor on a mortgage will my credit be artificial if payments are missed or unpunctually?
Answers:
Very much so payment history's are reported on both primary and co-signers credit reports. And any missed or unpunctually payments will adversely affect both persons credit equally.
And if the home should go into foreclosure your equally responsible for any monies due and your credit will be trashed. Source(s): Finance Manager for over 9-years / 2008 edition Conaumer Action Handbook.
If a payment is missed, you will hold to make the payment. Your credit history will show that YOU be late in making YOUR mortgage reimbursement.
Being a guarantor ensures that you are responsible for paying the mortgage, not the person(s) who owns the home.
It ahs already affected your credit as the debt is also listed within your name which changes your debt to income ration, if they defaulting yours will sink unless you make the payments
Not just will you be affected, good or bleak, by payment/non-payment but you can and will be held liable for the debt. They will come after you and your assets to try and collect on the debt.
Absolutely. You are very much at risk by guaranteeing someone else's debt.
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