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I currently have about 70K in student loans (under my name) that my parents are paying. I am responsible for 6k from a different loan. I am interested in purchasing a condo and I am wondering if a bank would use the loans my parents agreed to be responsible for against me even though I am the primary borrower and they are the cosigners. I can show I have not made a payment from any of my accounts towards the loan and they are in good standing.
Thanks!
They will likely count them. In some circumstances (say a divorce where one person is ordered to pay a communal debt and proper payment can be shown) they may not count something. Generally speaking though the debt is in your name and you are responsible for it. In the end it is the same as when someone co-signs on a loan. They may be able to show they have never made a payment on the loan but they will be required to count it. That said, there may be a bank or two out there that will ignore them..Though I doubt it, I just don't know.