I Only Want One-Third of the Mortgage to Show on My Credit Report. – Rick


“Dear Steve,

I’m considering buying an investment property in a country outside the US. I know that the foreign lender has checked my credit report (which is excellent, by the way). I will buy the property with two other friends, to split the cost in 3 ways. But the mortgage will be in my name only.

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The question is, will this loan appear in my credit report in full? How can I make sure only 1/3 will appear? Actually, will this debt appear at all in my US credit report?


Dear Rick,

If the mortgage will be in your name only then it will all appear under your name. However, the reality is that none of it may appear on your U.S. based credit report if the mortgage is from a foreign lender and they elect to not report it on your U.S. report.

But seriously Rick, essentially what you are doing here is co-signing for the loan. If your name alone is on the mortgage, not only will you be responsible for the entire mortgage if one of the other friends defaults, but your friends could be at risk of losing the property if you ran into financial problems.

There must be a better way to purchase this property. A trust maybe that you are all part of? I think this is a bad move as you currently have planed. You’ll probably go ahead with it anyway, but this deal has the ingredients for a bad outcome.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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