After a devastating fire displaced my boyfriend’s family, they stayed with us temporarily. Now, they’re asking me to co-sign a 30-year mortgage, endangering my financial future.
Hey, I get the tough spot you’re in. While loyalty is important, what would you do if things went south financially? How do you plan to protect yourself in the long run? Anyone faced a similar dilemma, or have thoughts to add?
Co-signing a mortgage can significantly impact your financial stability. In my experience, acting as a guarantor for someone else’s long-term debt can tie up your credit and limit your future options. Evaluate the risks carefully, especially if you’re not sure how the mortgage will be managed. After a traumatic event like a fire, emotions are understandably high, yet it’s important to separate compassion from financial responsibility. A cautious approach, perhaps with legal advice, might help you navigate this without compromising your own fiscal health.