My Purchase contract has 2 borrowers, can only one be on the loan??

posted Mar 20, 2013, 2:39 PM by Massey Kouhssari

I always advice my clients to take on any debt one at a time & leave on person debt free whenever possible. But if your Purchase contract has indicated both as purchasers then you have the following choices:

both need to apply & be on the loan or
draw up an addendum to remove one name off the purchase contract. Note: You can always add that name to the title at closing.

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