The responsibility of the guarantor of buying a house will be invalid for several years and needs to be based on the contract. The creditor and the guarantor may agree on a guarantee period, but if the agreed guarantee period expires before or at the same time as the performance period of the principal debt, it is deemed that there is no agreement; If there is no agreement or the agreement is unclear, the guarantee period shall be six months from the date of expiration of the main debt performance period. If the time limit for performance of the principal debt is not agreed or clearly agreed between the creditor and the debtor, the guarantee period shall be counted from the date when the creditor requires the debtor to perform the debt.

What are the risks of being a mortgage guarantor?

1. If the borrower fails to repay the loan, the guarantor shall bear the repayment responsibility.

Before committing to be a guarantor, you must think clearly, because if you sign the money and debt guarantee, you will be personally responsible for paying off the debts to the lending institution. Even if the relationship between the guarantor and the debtor changes, for example, the husband guarantees his wife to apply for a house loan, and eventually they divorce, the guarantee will not be affected by the dissolution of the marriage relationship, and it will still be valid.

In other words, once a guarantor signs as a guarantor, he will always be a guarantor, unless the borrower is approved by the lending institution to cancel the guarantor qualification.

2. If the borrower fails to repay the loan, the credit of the guarantor may be affected.

Under normal circumstances, the borrower repays the loan by himself, and the guarantor need not worry, but the loan amount and monthly payment borrowed by the borrower will generally be displayed in the credit record of the guarantor. When the guarantor needs to apply for any loan by himself, the debt he guarantees will be regarded as his own debt, and usually the lending institution will include it in the debt, which may affect the loan amount of the guarantor.

How does the guarantor recover from the debtor?

1. The guarantor has the right to recover from the debtor after assuming the guarantee responsibility.

2. If the people's court decides that the guarantor is liable for guarantee or compensation, it shall ensure that the witness enjoys the prescribed right of recourse in the main civilization of the judgment.

3. It is not clear in the judgment that the guarantor has the right of recourse, and the guarantor can only file a separate lawsuit according to the fact that he is responsible.

4. The limitation of action for the guarantor to exercise the right of recourse against the debtor shall be counted from the date when the self-insured witness assumes the responsibility for the creditor.

5. When the guarantor performs the guarantee responsibility by himself, if the actual repayment amount is greater than the scope of the principal creditor's rights, the guarantor can only exercise the right of recourse against the debtor within the scope of the principal creditor's rights.