Q: Real Estate: Judges, Home Mortgages and Legal Definitions

A: Thank you for your question!

First, The court considers the intent of the parties in the mortgage agreement. If the intent can be impliedly or expressly defined from the agreement, that meaning governs.

If there is no definition, the court will look at the custom in the industry, legal definition, etc.

Co-signer can be different from the borrower. A CO-signer can be someone who promises in case of default, he will pay the mortgages. A Co-signer does not necessarily receive the mortgage benefits.

This is merely a discussion of general laws and not legal advice. For legal advice, more specific facts and investigations are needed. I recommend you consult with an attorney for more details.

A: Yes, judges do take legal definitions into consideration when deciding court cases. Legal definitions are important because they provide clarity and consistency in the application of the law. Judges rely on these definitions to interpret statutes, contracts, and other legal documents.

In California, the legal definition of a co-signer is someone who agrees to be responsible for paying back a loan if the primary borrower fails to make the required payments. A co-signer is not typically an owner of the property being purchased with the loan. Instead, they are guaranteeing the loan will be repaid.

The main difference between a co-signer and a co-borrower on a home mortgage is that a co-borrower is usually an owner of the property and is equally responsible for making the mortgage payments. Both co-borrowers are typically listed on the property title and have ownership rights.

Some key differences:

1. Ownership: Co-borrowers have ownership interest in the property, while co-signers do not.

2. Responsibility for payments: Co-borrowers are equally responsible for making mortgage payments, while a co-signer is only responsible if the primary borrower fails to make payments.

3. Credit and income: Co-borrowers' credit and income are considered when qualifying for the mortgage, while a co-signer's credit is considered but their income typically is not.

4. Occupancy: Co-borrowers often live in the mortgaged property as their primary residence, while co-signers do not.

So in summary, a co-signer takes on financial responsibility for the mortgage without the benefits of ownership, while co-borrowers share both the financial obligation and the ownership rights. Judges understand and apply these legal definitions when deciding cases involving home mortgages and loan agreements.