“Co-Signing for anyone is not an Easy Decision”

“Co-Signing for anyone is not an Easy Decision”



Hi Joe,

My dad is very supportive and will absolutely co-sign.  He asked that I take out insurance, in case something happens to me before him and he just wants to check in with his lawyer to make sure there is nothing else he should do.


I spend a lot of time counseling clients as to the risks associated with co-signing a mortgage for anyone and the risks can be many. Sure, parents and other family members often want to help but the risks need to be understood. In many cases it all works out but I have seen things not work out very well.


It is extremely important to understand that if the person being helped doesn’t pay, the co-signer is financially responsible for the debt. I always recommend that if a co-signer agrees to participate, that as soon as possible a refinance be done to take the co-signer off the obligation. 


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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 3 commentsJoe Petrowsky • March 01 2017 07:20PM


I see quite a few renters that can't meet my qualification standards so they want to use a co-signer. I rarely allow it because my personal experience shows that the co-signer generally refuses to pick up the slack when things go bad. It's just not worth the trouble!

Posted by Nathan Gesner, Broker / Property Manager (American West Realty & Management) about 1 year ago

Good morning Joe. Sage advice to do a refinance ASAP if you co-sign. Get rid of the liability! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 1 year ago

Never one I wanted to participate in and since I had no children it was an easy decision not to. I would have done it for my child.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) about 1 year ago