Should I Co-Sign a Loan With My Dad?
Dave has a better idea for Michael than to co-sign on a loan with his father ... a much better idea.
Dave's ANSWER: You shouldn't be liable for a default of any kind. They are just asking you to place a lien on a property that you own, so it shouldn't create any liability for you.
Here’s a better idea: Just do a quit-claim deed and deed him your portion back. I don't want anything to do with this, and I don't think it's what you ought to do. I don’t want to sign some stuff with any bank. Just give your portion back, and a quit-claim deed costs about 20 bucks. You just quit claiming your portion.
This is a stupid idea to start with. The property should have never been in the kids' names to start with. It's a bad estate planning idea.