If my parents co-sign for my mortgage, does this mean they partially own my home?
Question by PC: If my parents co-sign for my mortgage, does this mean they partially own my home?
Or does this mean that if I default on my mortgage that the financial institution will go after my parents credit/finances to pay for the mortgage? I’m a little confused between the two.
Answer by FaZizzle
That means that if you default on the mortgage, they are just as responsible as you are.
Co-signing is really a bad idea–I’ve always been under the impression that in most cases if you can’t sign for it by yourself, you don’t need it.
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