Mortgage Guarantor

A mortgage guarantor is a person, company, or government agency that guarantees that you'll make your mortgage payments if you are unable to make the payments yourself. This typically happens when the owner loses their job or if there is some sort of illness in the family.

Quite often a friend will help you by empowering you to get new financing by guaranteeing that s/he will pay your mortgage payments if you are not able to do this. You might have to make special arrangements with your friend, such as a promise to compensate any losses after you sell your home.

Sometimes you can arrange for an investor to do the same. They will probably want additional compensation to be guarantee your payments.

You can also contact government agencies such as HUD, Department of Housing and Urban Development, so learn what suggestions they might have to help you stop foreclosure. Their mission is to help you keep your home and make your mortgage payments.

Caution

Not all investors are looking out for your best interests. Some will make false promises to trick you into quit claiming your home to them. They might promise to make your mortgage payments for you. They might not make those payments. You'll still be liable for the mortgage.

In such a case you should get everything in writing and then work with an honest attorney who wants to truly help you.

It is wise to enlist the services of a certified loss mitigation consultant to help you find an appropriate solution to keep your bank payments current.

Go from the mortgage guarantor page to the bad credit mortgage page.