co sign on daughter property

[freesample1]

What is the name of your state? California. My wife and I have co-signed on our daughter and her husbands new house. It seems that we keep seeing him get himself into trouble. If he lost his job and couldn't make the payments what would happen to us or our home? Also is there insurance to cover this liability?
We just thought that he needed to grow up. However he just doesn't seem to get it.

Thank you.

 

[HomeGuru]

What is the name of your state? California. My wife and I have co-signed on our daughter and her husbands new house. It seems that we keep seeing him get himself into trouble. If he lost his job and couldn't make the payments what would happen to us or our home?

**A: nothing would happen because I know you are responsible people and will make the mortgage payments in accordance with the mortgage and note that you also signed.
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Also is there insurance to cover this liability?

**A: no, there is no so called deadbeat or laxyman's insurance. There is disability or mortgage insurance that would cover in the event of a disability or job loss. Check with your lender and insurance agent.

We just thought that he needed to grow up. However he just doesn't seem to get it.

Thank you.