Should I cosign a refinanced mortgage with father in law when I have bad credit?

We live in CA. I live with my father in law and we are in need to apply for refinance w/ cash out. However, he is retired, has excellent credit, but only makes about $ 50k a year with combined pensions and social security. The bank was only willing to give him $ 350k and we actually need $ 390k. They said the only way they’d allow him the $ 390k is if I cosign. I have terrible terrible credit (a couple of car repos, late payments, behind on taxes, etc…). The bank told him they would just really like my income there (I make $ 60k a year), but I’m afraid if I cosign for him, it would only hurt his chances for a loan. By the way the house is worth about $ 550k in the current market.

Thanks for your feedback.
We live in CA. I live with my father in law and we are in need to apply for refinance w/ cash out. However, he is retired, has excellent credit, but only makes about $ 50k a year with combined pensions and social security. The bank was only willing to give him $ 350k and we actually need $ 390k. They said the only way they’d allow him the $ 390k is if I cosign. I have terrible terrible credit (a couple of car repos, late payments, behind on taxes, etc…). The bank told him they would just really like my income there (I make $ 60k a year), but I’m afraid if I cosign for him, it would only hurt his chances for a loan. By the way the house is worth about $ 550k in the current market.

Thanks for your feedback

eta: Thanks for the replies. Another question. I really don’t want to explain my situation to him unless I really need to. Can the bank(s) discuss my information with him without my consent?

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