Has anyone ever co-signed on a loan for a sibling, and if so, did you get stuck with the payments?
Answer:
Cosigning is a BAD idea even if you sleep with that person. Banks ask for cosigner so they can sue someone else when the originator stops/defaults on loan payments. She defaults YOU got Two house payments and your credit is in the outhouse.
Don't !! ! !!
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You would be right!
I am a loan officer and many people who co-sign for family members get stuck with the payments. Stick to your guns. I've told many a client are 'you sure this is what you want?' and they've regretted it in the end.
Co-signed for a brother one time he filed bankruptcy they took the car and 6 months later wanted me to pay for it.
Co-signing not good.
I have not.
Your husband should do it if and only if his sister's defaulting on the loan wouldn't impact your finances if you had to end up paying her mortgage (i.e. you're rich and really want to help out).
So, in my opinion, you're right. Put your foot down on this matter. If she needs him to co-sign the loan, it's because she's a bad credit risk.
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