Co-borrower/HAMP application question

**HurtbyASC** · 01-26-2010, 09:55 AM

My fiance has been dealing with ASC - long story, like many of yours. The house is currently in his name, but we intent on having my name added at some point. He just received his HAMP application and we're in the process of filling out the application.
Our question is whether to include my information in the application. I just finished graduate school and am looking for a job - should have one by the time the 90 day trial period is over. Even though my lack of income doesn't help, we're thinking the benefit of having me on is that my credit is substantially better than his.
Is this a good idea? We're desperate to save our house!!
Thanks!

**MyHAMP** · 01-26-2010, 10:31 AM

Originally Posted by HurtbyASC

My fiance has been dealing with ASC - long story, like many of yours. The house is currently in his name, but we intent on having my name added at some point. He just received his HAMP application and we're in the process of filling out the application.
Our question is whether to include my information in the application. I just finished graduate school and am looking for a job - should have one by the time the 90 day trial period is over. Even though my lack of income doesn't help, we're thinking the benefit of having me on is that my credit is substantially better than his.
Is this a good idea? We're desperate to save our house!!
Thanks!

I understand what you're saying but it's not that easy. Once you have an income, you can certainly say that you are contributing to the expenses to increase the overall approval-chances (i.e. by renting a room) - BUT in no way are they going to consider somebody's credit who is not on the mortgage. You can't simply be added to the mortgage either. The only way to get on a mortgage would be through a refinancing of the entire mortgage.

But don't be too concerned about the credit-score. Under HAMP, that is less important. Ours was as bad as it can get and we were approved.