<prompt> Human: Disclaimer: I dont know a whole lot about finances and the associated terminology. Please forgive any errors- Ill do my best to be accurate with this info.Background: I graduated college a couple years ago with an engineering degree. I didnt have a job lined up and I have been living with my folks since then, unemployed theyre nice people. Three months ago I found a local engineering position and was hired to fill it. I started at 60,000yr and am doing well for the first time in a long time. My parents have two mortgages on their house and in a year one of them will switch from interest only payments to interestprinciple. When this happens they will be unable to make payments and will inevitably lose our home. They are currently trying to refinance to avoid this but do not qualify based on their income and whatever else people look at when deciding this kind of thing. Based on my income they were told they would qualify if I cosign. I feel really uncomfortable doing this and have some questions about how it will affect me:1. What will happen to my credit?2. How will this affect me trying to buy a car or rentbuy a place of my own?3. Can I ever get out of this? Or am I stuck with their debt until its paid off? 4. Are there other consequences Im not even considering that will impact my life?I know that Im not responsible for my parents problems and we have talked about the fact that Im not obligated in any way to do this. I love this house though and I love my parents. It would suck to see them lose what weve taken so long to build. If the consequences of helping them arent devastating I will absolutely do it. Thanks in advance for any advice. EDIT: Thanks for all the responses everyone. My parents will be able to make payments if the refinance goes through and have never missed a payment before. Im not worried about this happening, Im just concerned about the immediate consequences of cosigning. Im also not asking whether I should do it or not- Ill decide that based on the information I gather, which thanks to you all is now much more than I had before posting this.  <response>: Nope the fuck out of this one. I almost didnt even read past the title, but had I not my answer would have been the same. Your parents cannot afford the house they live in. If they could, they wouldnt have two mortgages with at least one being an interest only one. The fact that they cant qualify for another one speaks to their credit being shit. What will happen is this - they will stop paying and you, as the cosigner, will be on the hook for the mortgage. It wont be your house, you wont be deriving any incomebenefit from it, but you will have the pleasure of either paying their mortgage or having your credit ruined. Your gut is telling you the right thing. You have a great job and the ability to start building wealth for yourself, but this would make that impossible. It might be tough, but tell your parents no. 