Things to Consider Before Co-signing a Loan

J. David Aiken

No 413289, Cornhusker Economics from University of Nebraska-Lincoln, Department of Agricultural Economics

Abstract:

In the context of family farms, includes some general points to consider before you sign a loan guarantee for a family member who is heavily in debt.

Conclusion: Having to consider whether to co-sign a child's loan is a very difficult situation-no one wants to be part of losing part of the family farm or ranch to loan foreclosure. But if the loan guarantee isn't part of a financial turnaround plan that has at least a fighting chance of success, don't sign the guarantee unless you absolutely don't need the money for your own retirement.

Keywords: Farm; Management (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ags:nbaece:413289

DOI: 10.22004/ag.econ.413289

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