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COSIGNER ADDENDUM 3070 Spring Garden Street; Philadelphia, PA 19104 (215) 3871002 Fax (215) 3872004.PROPERTY ADDRESSOWNER. .COSIGNER/GUARANTOR: Name: SS#:Phone Number: Email Address:Address:Yearly

How to fill out co-signer addendum

Who needs co-signer addendum?

Co-signer addendums are typically required in situations where the primary applicant's credit or income does not meet the requirements set by the lender or landlord. Individuals who have a poor credit history, limited income, or no credit at all may need a co-signer addendum.

How to fill out co-signer addendum:

1. Begin by reviewing the co-signer addendum document provided by the lender or landlord. Make sure you understand the terms and conditions outlined in the addendum.
2. Gather the necessary information about the co-signer. This may include their full name, contact details, date of birth, social security number, and address. Additionally, you may need details about their income, employment history, and credit history.
3. Fill out the primary applicant's information section as required. This typically involves providing personal information, such as full name, contact details, date of birth, and social security number.
4. Provide details about the co-signer. This usually includes their name, contact details, address, and social security number. Some addendums may also require information about the co-signer's income and employment.
5. Indicate the relationship between the primary applicant and co-signer. Are they related by blood, married, or friends? This information may be requested to establish the nature of the co-signer's commitment.
6. Read the terms and conditions of the addendum carefully. Make sure you understand the responsibilities and liabilities of both the primary applicant and co-signer. If you have any questions or concerns, seek clarification from the lender or landlord.
7. Sign and date the co-signer addendum, both as the primary applicant and the co-signer. Some addendums may also require signatures from witnesses or a notary public.
8. Submit the completed co-signer addendum to the lender or landlord as instructed. Ensure that all necessary documents and information are included with the addendum for proper processing.

Remember, co-signing a loan or lease agreement is a significant responsibility. It's crucial for both parties involved to fully understand the obligations and potential risks associated with co-signing before proceeding. It may be wise to seek legal or financial advice if you are unsure about the implications of becoming a co-signer.

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What is co-signer addendum?

Co-signer addendum is a document that allows a third party to guarantee repayment of a loan or lease if the primary borrower defaults.

Who is required to file co-signer addendum?

A co-signer addendum is required to be filed by individuals who do not meet the credit or income requirements set by the lender.

How to fill out co-signer addendum?

To fill out a co-signer addendum, the co-signer must provide their personal information, financial details, and consent to be responsible for the loan if the primary borrower fails to make payments.

What is the purpose of co-signer addendum?

The purpose of a co-signer addendum is to provide additional security to the lender by having a third party guarantee repayment of the loan.

What information must be reported on co-signer addendum?

The co-signer addendum must include the co-signer's name, contact information, social security number, employment details, and financial information.