Many parents want to help their children to make large purchases

Many parents want to help their children to make large purchases or to find a rental so they sometimes find themselves needing to cosign on a loan or a rental application. When a young adult starts out this may be the only option for their first apartment or first car loan but there are drawbacks to signing on a loan or application that your child or anyone in general.

If it is a simple lease of an apartment and the person is not able to make the payments or makes them late it is not too difficult to catch up on the payments or to make good on the lease although it may cost you the cosigner to make some or all of the payments. Be prepared to take on that responsibility and the financial responsibility in cosigning.

When it comes to a car loan or a home loan this puts you a bit more at risk. Obviously, it is not as simple to make good on one of these loans especially a home loan in the real estate market today.

A home loan that you might have cosigned on can leave you wide open for a huge risk on your credit and could have a negative impact for many years. This is not something to take lightly so be prepared for the ramifications if anything should go wrong on the loan.

Cosigning on a home loan in a market where the home may drop in value over the next couple of years. You may not even be aware of the fact that the mortgage payments are late or behind by several months for a long period of time which means your credit has already been damaged and may be irreversible for quite some time.

I have run across parents that have cosigned on a loan for a child on a home loan and had no idea that the payments were late much less that a couple of payments were missed. Now, the only choice they have is to end up short selling the home because the child simply cannot handle the payments and the cosigner cannot handle their own mortgage as well as the second none that they signed. The homes value has dropped and it is too late to repair the credit and unfortunately both parties will have a huge hit on their credit score for years to come.

If you are thinking of cosigning on anything from a lease to a home loan be sure that you are prepared to take care of the financial end of the situation in case of a default on the buyer or leaser.

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