Profile picture for Kotomom

If I co-sign on my son's 2nd mortgage, will I be responsible for his 1st mortgage?

  • December 23 2008 - Hillsboro
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Profile picture for natewolf


Why does your son need a co-signer on his second mortgage? Sounds like an odd situation. Is this for a home purchase or for an equity line?
  • March 02 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for 6432987

Not unless you sign a document with your son personally to that effect, or an addendum with the second lender to that effect.

You very likely will not be responsible in any capacity to your son's primary lender. That said, you are not immune to the liability. Specifically, if your son defaults with his primary lender and the primary lender foreclosures. The second lender would probably have the right to pursue ‘deficiency judgment', and you would be named on that judgment and be just as liable. This could damage you not only financially through court ordered garnishments of your wages but also could be very damaging to your credit.

I would recommend that you have your son save up enough money until he has enough for the down payment and have him work on his credit until it's at a level where he will qualify for a loan on his own. You could be there to help and support him through that process. Until he takes on the full risk himself, he might not appreciate the responsibility.  Co-signing, especially with family is a very risky move and can affect relationships greatly if things take a negative turn.

Good luck to you.

  • March 02 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Great question. I don't know for sure, but you sure need to find out before you co-sign. If nobody sees your question here, you might try the Mortgage forum. There are lots of mortgage professionals there that can give you a solid as a rock answer.
  • December 23 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.