08 Jan Hawryliw: good intentions aside, draft an agreement when co-signing
Co-signing a loan for a family member starts with the best of intentions, but can lead to unexpected financial woes, bad blood, and legal battles, Barrie civil litigator Scott Hawryliw tells AdvocateDaily.com.
“When you get a secured loan, such as a mortgage or car loan, it’s secured against an asset,” he says. “But, if you don’t have any assets, and don’t have the income to support the loan, you need a co-signer.”
Hawryliw says these individuals attach much more than their names when they become party to someone else’s loan.