Why would co-signers on house loan ask us to put 2nd mortgage on our house?

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ok so my husband and I just refinanced our loan in October and still needed a co-signer.We just do not have that great of credit yet. But, we have decided we want to move and rent again, found a better house Of course we wrote out a contract to cover ourselves and our co-signers asked if we would sign something stating that we wish to take out a second mortgage on the house. Long story short why would they ask us to do that?
please do not be rude about it….

  1. Reply
    January 21, 2011 at 6:01 am

    DA! Because they are taking your equity out of the house thru refinancing.

  2. Reply
    January 21, 2011 at 6:17 am

    That sounds really shady to me. Normally co-signers are family, but not always. Family or not it sounds like they have ulterior motives, I would not do it!

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