How will cosigning for a refinance affect me since I’ve never owned a home?

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How will cosigning for a refinance affect me since I’ve never owned a home?

I have never owned a home and now am in the
process of cosigning for a refinance, how will
that affect me now and in the future? And is
there anything I can do to cover myself if
things don’t work the way they’re planned?

Asked on March 15, 2018 under Real Estate Law, Utah

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

If you are not on the deed to this property do NOT co-sign a loan for it.  Then you have an obligation to pay and no ownership interest.  If the other person defaults then there goes your credit.  Please think twice about this.  Good luck.


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