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by CareyBot

DEAR BOB: Our daughter, age 27, earned her MBA degree last June and has a wonderful high-paying job. Frankly, she earns more than I do. Her mother and I are very proud of her. However, she has virtually zero savings for a down payment on a nice new condo she wants to buy. The mortgage company approved her for a nothing-down mortgage. But the "catch" is dear old mom and dad have to co-sign on the loan. We are willing to do that. However, the lender says we also must take title to the condo with our daughter. We would prefer not to do so for various reasons. Is there any way to get out of being co-owners of the condo if we co-sign on the mortgage? – Henry R. DEAR HENRY: No. For several legal reasons, if the lender has to foreclose due to mortgage default, it prevents possible problems...