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I Asked My Boyfriend to Cosign for My Sister’s Boyfriend, And He Did. – Cynthia

“Dear Steve,

I asked my boyfriend to co-sign on a home equity line of credit for my sister’s boyfriend at the time. He bought a condo and he needed extra money to pay off his car because he couldn’t make ends meet.

We did it as a favor because his credit wasn’t enough to get the heloc. My boyfriend agreed to do it and he was added to the title of the house in order to be able to apply. The heloc was approved and for a couple of years the actual owner of the house was making the payments on time, but now we just found out that he hasn’t paid the mortgage and will let it go to foreclosure.

He said that once the house goes on foreclosure the bank will take the house and the heloc will be closed and won’t affect my boyfriend’s credit in anyway. I know that isn’t true, since the heloc is under my boyfriend’s name only and i know that is a lien against the house and if the house is foreclosed his credit will be ruined because of the unpaid heloc. The condo is in california, please let me know if there is anything that can be done to prevent his credit from being ruined, in case the heloc can’t be paid in full.


Dear Cynthia,

Yep, this isn’t going to end well. The house will be foreclosed on and the lender will come after your boyfriend for the full home equity line of credit due.

He must have really loved you to do such a horrible thing by cosigning.

When someone cosigns it means they are accepting full responsibility for the loan. The reason the lender gets a cosigner is because the applicant has crappy credit and is at a high risk of default. The lender realizes that the bad credit applicant has a greater chance of defaulting so that’s why they get some sucker to put their credit on the line. It reduces the risk of the lender, they get to sell another loan product and some unsuspecting person gets to foot the bill for the whole mess.

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I hope I didn’t sugar coat that too much for you. 🙂


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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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