What does the bible say about co-signing for some one else on a note or mortgage?
“My son, if thou be surety [cosign a loan] for thy friend, if thou hast stricken thy hand with a stranger, Thou art snared with the words of thy mouth, thou art taken with the words of thy mouth. Do this now, my son, and deliver thyself, when thou art come into the hand of thy friend; go, humble thyself, and make sure thy friend.” (Proverbs 6:1-3)
“He that is surety for a stranger shall smart for it: and he that hateth suretiship is sure.” (Proverbs 11:15)
“A man void of understanding striketh hands, and becometh surety in the presence of his friend.” (Proverbs 17:18)
“Better is it that thou shouldest not vow, than that thou shouldest vow and not pay.” (Ecclesiastes 5:5)
The wise man says that cosigning is not a good idea. The Bible does not say don’t do it. But if you are foolish enough to do so, be ready to pay off the loan yourself, without getting the benefit of the property. If you cosign a mortgage you are saying that you are willing to pay for a house for somebody else to live in it. I was foolish enough to cosign twice, and suffered for it both times, so I know well the truth of Proverbs 11:15.