I cosigned on my son's mortgage. The house is now in foreclosure. What impact will this have on my credit? Can I be sued and am I personally...

Question

I cosigned on my son's mortgage. The house is now in foreclosure. What impact will this have on my credit? Can I be sued and am I personally liable for the debt?

Answer

You are just as responsible as your son for the debt. It will devastate your credit.