Posted on: 16th Feb, 2011 09:51 pm
Hi, so I have a question My friend dad left their fam and he wants to sell the house now my friend has a good job and she wants to buy and add the house to her name but she asked me to be a co-signer since its just her she has no other family. Does it affect my taxes? or is it a good idea?
Thanks
Thanks
Hi RF!
Welcome to forums!
If you become a co-signer for the loan, then you will become liable for mortgage. If your friend is unable to pay the mortgage on time, then the lender will come after you to recover the balance amount. So, I don't think this is a very good idea to cosign for your friend's loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you become a co-signer for the loan, then you will become liable for mortgage. If your friend is unable to pay the mortgage on time, then the lender will come after you to recover the balance amount. So, I don't think this is a very good idea to cosign for your friend's loan.
Feel free to ask if you've further queries.
Sussane
dont do it!
you're effectively taking the same risks as your friend but with nothing to show for it. Co-signing is one of the most financially dangerous things you can do.
you're effectively taking the same risks as your friend but with nothing to show for it. Co-signing is one of the most financially dangerous things you can do.