Pitfalls of co-signing for real estate loan

Editor's note: Robert Bruss is temporarily away. The following column from Bruss' "Best of" collection first appeared Sunday, May 7, 2006.

DEAR BOB: About five years ago, I co-signed a home mortgage for my niece so she could buy a condominium. All went well until about four months ago. She lost her job and refuses to take another job that doesn't pay as much. The result is she is now four months behind on her mortgage payments. Frankly, there is no way she can catch up, even if she does find her perfect "pie in the sky" job.

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