Comments on: Co-Signing a Mortgage: Its Effects? http://www.getrichslowly.org/blog/2006/06/28/co-signing-a-mortgage-its-effects/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Mon, 20 May 2013 01:59:04 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Jeanne http://www.getrichslowly.org/blog/2006/06/28/co-signing-a-mortgage-its-effects/comment-page-1/#comment-183145 Jeanne Tue, 09 Jun 2009 14:44:44 +0000 http://www.getrichslowly.org/blog/2006/06/28/co-signing-a-mortgage-its-effects/#comment-183145 I would be very careful about asking someone to co-sign on a mortgage. Not just to protect the other person if you default, but to protect yourself if THEY get into financial trouble and have to declare bankruptcy. (If that happens, you are at risk of losing your house to THEIR creditors). The bottom line is, don't buy a house you can't afford on your own. Seriously. (the same should really go for a car, although losing a car is less devastating than losing a house). PS this is not some self-righteous person making a judgement from on high - I just don't want to see other people make the same mistakes I've made in my life. I would be very careful about asking someone to co-sign on a mortgage. Not just to protect the other person if you default, but to protect yourself if THEY get into financial trouble and have to declare bankruptcy. (If that happens, you are at risk of losing your house to THEIR creditors). The bottom line is, don’t buy a house you can’t afford on your own. Seriously. (the same should really go for a car, although losing a car is less devastating than losing a house).

PS this is not some self-righteous person making a judgement from on high – I just don’t want to see other people make the same mistakes I’ve made in my life.

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]]> By: allen http://www.getrichslowly.org/blog/2006/06/28/co-signing-a-mortgage-its-effects/comment-page-1/#comment-151978 allen Wed, 15 Oct 2008 20:26:31 +0000 http://www.getrichslowly.org/blog/2006/06/28/co-signing-a-mortgage-its-effects/#comment-151978 co-signing my car loan (my first loan/access to credit) was the only way i could get one, becuase i had no rating. co-signing my car loan (my first loan/access to credit) was the only way i could get one, becuase i had no rating.

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