Legal Question in Real Estate Law in New Mexico
Cosign for son
I need your advice. My son wants for my husband and I to Cosign for him to purchase a mobile home. He has direct deposit but what happens if he withdraw all the money before making the payment?? and if decides to close the account??? I dont' feel he can be trusted. I think he has a drinking and drug problem. Is there anything we can do if this happens?? can we sue him???
PLEASE ADVISE.
Thank You,
Rebecca
1 Answer from Attorneys
Re: Cosign for son
If he doesn't make the payments, you will have to. You will have to pay the debt if he doesn't. Co-signing for anyone is a bad idea. Now, if he doesn't pay the debt and withdraws all the money and drinks and drugs, what in the world would you get if you sued him? Better think twice, and then prudence dictates that you not co-sign for someone as irresponsible as you describe, and why in the world would you sign for someone you don't trust?
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