Should I co-sign or not?

[mdcjal]

My son-in-law has asked me to co-sign for a home loan. What are the Pros & Cons to this? Can anyone offer advice on this?

Thanks

N.Y.

[mb94]

Originally Posted by mdcjal

My son-in-law has asked me to co-sign for a home loan. What are the Pros & Cons to this? Can anyone offer advice on this?

Thanks

N.Y.

Pro: Your daughter and her husband get a house.
Con: If they can't make the payments you have to.

You can go through this forum and read all the stories of people who co-signed thinking they were doing someone a favor and ended up messing up their credit because of it. Keep in mind the reason the bank is asking for someone to co-sign is because your son-in-law doesn't have good enough credit to get the loan on his own. Since the bank sort of makes it's living looking at people's credit I'd defer to their judgement in this- that he is a risk! I wouldn't do it.

[HomeGuru]

duplicate post.