Getting a mortgage when my co-signer owe taxes to the IRS?
Melly Asked: Getting a mortgage when my co-signer owe taxes to the IRS?
My husband and I are pre-approved for a mortgage with my parents co-signing. My father owes taxes to IRS around $50,000 and has done installments payment. Do we still qualify for a loan even if he doing a payment plan for his taxes?
Answers:
tro Answered:
is the loan being awarded based on yours and your parents credit? if so it would appear the $50000 tax debt would disqualify your parents for the loan
Judy Answered:
If you can’t qualify on your own without your parents as cosigners, you’ll need to find a different cosigner.