Co-Signer Requirements

[PT]

I have been asked to co-sign for a friend of mine for a Mortgage Broker Bond. I understand that I will be required to execute an Indemnity Agreement. My question is whether or not my spouse has to sign the agreement as well. Please advise.

[apprentice35]

Yes, your spouse must sign the indemnity agreements as she is also held financially responsible.

[Surety Wizard]

In the event the person you are signing for can not pay the claim you and your spouse will be on the hook to cover the claim. Be careful here make sure you are 100% willing to put your personal assets on the line for the person you are cosigning for.

[grasshopper]

What happens in the event that you co-sign on the agreement when you are the spouse, but later you get a divorce? Our bank accounts are no longer joined but my name is still on the agreement, am I still held accountable in the event the bond company comes after my ex spouse?

[Surety Wizard]

You should notify your agent immediately about the divorce. The spouse can be taken off the agreements by having new agreements done. This will release any liability to the divorced spouse.