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Co-Signers on Loan |
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Dear elderly friends of mine are asking me for help. I do not know where to turn. They do not have much money to hire someone, so I thought maybe you can either give me direction or ideas. They put their names on a loan for their daugther and son-n-law to purchase a home. The children are slow to make payments which is hurting their credit. They want to sell their own home and move to a retirement community, but they need to get out of this other loan. Do you know what alternatives they have? |
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I don't usually put a question on the web page when the answer is "I don't know" but this one should be published because it shows the dangers of co-signing for another person's loan. If those kids could have afforded that loan, how come their lender required co-signers? And if they couldn't afford it, your friends didn't do them any favor by helping them get in over their heads. If your friends' own home can be sold for enough to fund the retirement move, they'll just have to go ahead and do it for cash. Otherwise -- as I say, I just don't have any advice for them, just sympathy. They made a mistake. |
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Edith
Originally published on July 12, 2007 |
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