What are the risks, if any
The risks are exemplified by the outcomes presented on this website, including:
- What can I do when the co-signer hasn't paid anything on the house in 7 years and now they want money?What can I do when the co-signer hasn't paid anything on the house in 7 years and now they want money?
- How do I get myself out this disastrous situationHow do I get myself out this disastrous situation
- What can I do as a co-signer?What can I do as a co-signer?
- I signed on as the co-signer on a car loan and somehow ended up being the primary name on the accountI signed on as the co-signer on a car loan and somehow ended up being the primary name on the account
- Estate liability for co-signer to Sallie Mae student loan?Estate liability for co-signer to Sallie Mae student loan?
- Co- Signed car loan and need to have the other signer relinquish claim to ownershipCo- Signed car loan and need to have the other signer relinquish claim to ownership
- If the co-signer on my car loan dies, can the family take the car from me like they're threatening to?If the co-signer on my car loan dies, can the family take the car from me like they're threatening to?
- etc ad nauseam
There's a chance you will end up paying large mortgage payments on a house occupied by an ex-friend and paying large amounts of money to lawyers to try and get things straightened out. You could come out of it a lot poorer and with your credit rating wrecked.
