I'll get right to the point.
This person I know is in some financial trouble and is facing foreclosure due to missing work from illnesses. I could co-sign on a 5,000 dollar loan that would get all the payments caught up. In turn, this person agreed to put me on the deed of the house as a co-owner (just the 2 of us). I don't plan on moving in. Also, these are loan payments I can make and if this person does not make the payments I should have no trouble making them myself.
So, 2 questions:
1) Do I risk losing anything more than the $5,000 loan + interest?
2) In what ways could I stand to make a nice profit if I co-owned a house? (never owned a home before).
Thanks in advance.
"Authority should derive from the consent of the governed, not from the threat of force."
- Barbie from Toy Story 3