can i co-signed on a mortgage for my child without my spouse?

can I co-signed on a mortgage for my child without my spouse?

Asked on March 4, 2017 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

So long as it will not be a residence for you and your spouse (that is, a marital residence), then yes, you can do this, the same way one spouse can generally sign contracts on his or her own. Your spouse will not directly or personally be obligated on the loan if he or she does not sign it; however, bear in mind that it will affect him or her:
1) If the two of you look to do any large purchases or leases together (e.g, real estate, cars, apartment rentals), bear in mind that you could be turned down because you will be less credit worthy, being obligated on a mortgage.
2) If your stops paying, you will have to pay or else default; if you default, not only will there be a default on your credit record, but you can be sued for the loan. If you are sued, creditors can potentially reach your share or portion of joint or marital assets.

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