Legal Question in Real Estate Law in California

I was shocked & confused to JUST learn that BofA Home Loans actually have Guarantors for their Home Loans when I thought that THEY THEMSELVES were the Guarantors.

Now mind you, I don't mean "Mr. Freddie" or "Ms. Fannie", but private, individual ones. My question IS: what are they some of the names of BofA's "Guarantors", or is this "private" info, as well??


Asked on 6/21/12, 5:41 pm

1 Answer from Attorneys
Anthony Roach Law Office of Anthony A. Roach

I think you are mixing up some issues. A guarantor in California is the same things as a surety. California abolished the distinction between sureties and guarantors. With respect to loans, a guarantor is a third party who is not borrowing the money or loaning the money, who promises to pay back the loan in the event of default, in addition to the borrower. Lenders usually require a guarantor where the original borrower is deemed to be a credit risk.

If you are the borrower, you should already know who your guarantor was. If you are asking about someone else's loan, then it is none of your business.

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Answered on 6/21/12, 6:31 pm


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