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Do I sign to allow my part to used for collateral on a loan?

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willisp Guest	Posted: Thu Jul 14, 2011 9:27 am    Post subject: Do I sign to allow my part to used for collateral on a loan? Like 0 Dislike 0 My mother is deceased. Now myself and 4 others siblings own half of my fathers (undivided amongst children) 96 acreas. 40 of these acres, (in another location but part of the 96) were attached to a loan that my dad cosigned for a grandson's loan(our nephew). He is now refinancing his loan, and needs us to sign to allow him to continue to use this 40 acres for collateral. If we don't sign, the bank gets the land. Why would the bank need the last 4 digits of my ssn, full name, and address? What are the risk for myself and my siblings? Can this ever affect my credit record, having my name on this loan, yet not as a cosigner. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Jul 14, 2011 9:26 pm    Post subject: Like 0 Dislike 0 Hi willisp! Welcome to forums! If you're not refinancing the loan jointly with your nephew, then the lender won't require the details. You should ask the lender as to why he would need the details. The lender will clarify your doubts. Feel free to ask if you've further queries. Sussane

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