co signer

the repercussions are as follows: as a signer on the loan note, you are fully liable for payments. in this case, you'd only be called upon to make a payment(s) if your son neglected to do so. should he fail to do so, and you don't find out about it until it's too late, then you are right in thinking that your credit can be harmed.

you'll want to be on top of this situation right from the start, if you decide it's wise to cosign. you don't want to be put into a situation in which the loan is delinquent and you don't know about it.

i'd have reservations, too, and not just for dinner.

thanks for your answer. aside from affecting my credit, say someone has an injury on the property or there is a lawsuit against my son, as a cosigner, could they go after me too? or is that only if i am on the deed to the property.

They will only go after whoever is on the deed.

Meanwhile, I strongly suggest that you DO NOT cosign. The reason why he needs a cosigner is because the banks do not feel that he can make the payments on his own. If the banks feel that way then so should you. His income is obviously not sufficient. What will happen if/when he loses his job?

In addition, the values in Florida are still declining. You could be left with a mortgage that is far greater than the home value.

thanks very much for your information...that pretty much settles it, my answer will be no to cosigning; thx

some loan officer is going to be calling you, eric, to ask why you took money out of his pocket by recommending mom not co-sign for her son. thankfully, it isn't me.