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Tribune News Service
Tribune News Service
Business
Gary M. Singer

Real estate Q&A: Should I cosign home loan for boyfriend with lousy credit?

Q: My long-term boyfriend has lousy credit but makes a good living and wants to buy a house and stop renting. I make less money but have much better credit. We are being told that I will need to cosign the loan for it to be approved. I trust him, but should I be concerned? — Kelly

A: In my law practice, I have seen the situation you describe go wrong many times.

While it is true that no one consults with a lawyer to tell them that everything worked out OK, you are right to be concerned.

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