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Signed for His Kids |
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My husband has signed a loan agreement with a local bank to assist his daughter and son in law with the acceptance of their first home loan. They could not qualify on their own and he is listed as 'guarantor' (i'm sure i spelled that wrong). The loan is for a period of three years and will be restructured in his daughter's and son in law's names only at the end of three years. Is this common? Also, if something happens to my husband, am I lresponsible to fulfill the obligations of this loan? |
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I'm not familiar with a loan that involves the restructuring you mention, and it's probably not common. And I haven't seen the documents, but my guess is that if your husband died, his estate would be responsible for his obligations. I don't think you would be personally. Your own lawyer could give you better answers than I can. |
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Edith
Originally published on December 28, 2007 |
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