Posted on: 28th Aug, 2009 05:21 pm
My mother co-signed for one of my daughters college loans and is considering co-signing for another daughter of mine. She is worried that in the near future, she may have to sell her house and go into some kind of senior living. She's is worried that by co-signing these loans that this will be a problem when she does go to sell the house. She thinks she will be responsible to pay back these loans when she sells. Couuld you clear up this issue?
Welcome pupy,
As a co-sgner, she would be responsible for paying off the loan in case your daughters, i.e. the primary borrowers of the loan, fail to pay it off. If they become delinquent on the loan payments, then the lender can come after your mother for the dues. If your daughters pay off the loan, then she won't have to worry about it.
As a co-sgner, she would be responsible for paying off the loan in case your daughters, i.e. the primary borrowers of the loan, fail to pay it off. If they become delinquent on the loan payments, then the lender can come after your mother for the dues. If your daughters pay off the loan, then she won't have to worry about it.
that your mom cosigned student loans has nothing to do with her home. she can sell it without complication. please allay her fears.
