Co Signing Mortgage Implications

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Summary

Co-signing a mortgage in New York means your husband is legally bound to the debt. If his friend defaults, your husband must make payments, impacting your joint financial stability. Consult a local attorney for specific advice.

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How can this affect me. When i told him not to do it
Hello Liliana. Could you please let me know the country and state where this co-signing took place? This is important as co-signing laws vary by location.
New york
Hello Liliana,
In New York:
- As a co-signer, your husband is legally bound to the mortgage debt.
- If his friend defaults, your husband will be responsible for payments.
- This could potentially impact your joint financial stability.
Please consult a local attorney for specific advice.
Thanks
You're welcome, Liliana. If you have more questions or need further clarification, feel free to ask. Remember, consulting a local attorney can provide detailed guidance based on your specific situation.