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Can you provide me a bit more information? What is the value of the house? How much is the loan balance? Are you the beneficiary of your dad's estate or do you have other siblings that are also in line to inherit? Thanks.
Thanks for following up. Your risk is likely minimal given the value of the house. Even though co-signing would mean you have personal liability for the note, because the value of the house is double what is owed, it's not likely you would ever be in a situation where the loan would be in default and the foreclosure of the house wouldn't pay the loan in full. BUT, having said that, you are taking on a risk and I would suggest that if you are indeed being asked to co-sign that you be put on the title....if you are going to have the risk of the downside, you should also be entitled to the upside should the house appreciate in value. If your sister has an issue with this, you can suggest she co-sign as well. :) Also, being put on title will protect you in the event your dad, no matter how unlikely it may seem, might decide to re-marry and leave the house to his new wife or if he has no will, she may be entitled to a share of it or have homestead rights.
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