As it has become more difficult to take out a home equity line of credit (HELOC), many borrowers have turned to friends and family members for help.

If you’ve been asked to co-sign a HELOC loan, think twice before putting a pen to the dotted line. As a co-signer you may be required to pay back the entire amount if the borrower cannot. If the loan goes into default, your credit score will be severely damaged.

To learn more see: Should I be a HELOC Co-Signer for a Friend or Relative?

photo credit: demi-brooke

Tags | co-sign, Heloc, HELOC foreclosure, home equity line of credit