Legal-Ease: What am I in for when I cosign a loan?

Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.

When Lee’s grandmother recently passed away, one of the greatest gifts she gave her family (in Lee’s mind) were the loan documents from when his grandparents married and bought their farm. On these documents, the cosigner of the loan was Lee’s great grandmother; it’s common for parents to cosign their children’s loans, especially student loans. Borrowers, cosigners and guarantors are all equally responsible for the debt of the loan.

My grandmother recently passed away at age 88. Grandma’s passing was difficult, but it was easier than it could have been because grandma’s powers of attorney and living will were previously prepared.

When we lose a loved one, we often remember the gifts that the loved one gave to us while that person was alive. My grandma was financially poor her whole life, so she had virtually no physical things to give anyone.

Read more about what it means when you cosign a loan in Lee’s article in the Lima News here: Legal-Ease: What am I in for when I cosign a loan?

Source: LimaOhio.com, “Legal-Ease: What am I in for when I cosign a loan?” by Lee R. Schroeder, February 27, 2016

Posted in Buying a Home, Real Estate Law.