Q: If I'm a co-owner of a property such as a church, can I sign for another property ( a house) without any complications?
Or do I have to remove my name from the first property in order to sign for the house?
A few year ago I helped with the buying of our church building, but the person in charge said that my name would be removed after 2 years or so. Two years have passed and my name has not been removed.
A:
It would seem you have two issues.
The first is that two years have past and your name is still "on" the churchlike property. Do you have anything in writing regarding the two years? Supposing you don't you will need to see what you signed and what term it may have. I suspect it may be a limited guarantee of some sort. Its terms will govern what your involvement is if it is a guarantee. Otherwise it may have been a joinder to guarantee the payments that lasts until the loan is paid off.
The second question is whether you can buy a house. There is no rule that says you cannot buy multiple properties. Lenders either lend their own funds or participate in a marketplace of loan funds with each loan fund having various rules and guidelines as to whom they will lend money to based on various criteria, such as income, assets, and credit scores. You should inquire from various sources (banks and mortgage lenders primarily) to see what may be available to you.
Andy Wayne Williamson agrees with this answer
1 user found this answer helpful
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