If they don't pay - then YOU must pay.
The appropriate bad marks will go against their creditworthiness - and if you don't pay, your credit rating could be altered as well.
Unfortunately, it is possible that collection action could commence - without You Even having been informed that the mortgage is in default.
Cosigning a mortgage is at best, risky: and at worse, foolish and dangerous. Do not do this for for someone you don't know well or are not related to by blood.
|