325
votes
Accepted
My friend wants to put my name down for a house he's buying. What risks would I be taking?
That "something" you are signing means you are liable for the mortgage payments - yes, all of them - if he can't or won't pay at any point.
The limit on what the bank will lend him based on ...
- 21.8k
185
votes
Accepted
My friend cosigned for a defaulted loan. Should he declare Chapter 7 bankruptcy?
DON'T talk to the creditor. DON'T trash your other good credit. DON'T declare bankruptcy for a good while.
The IRA is protected. Protect it.
First and foremost, the IRA is untouchable in MD. ...
184
votes
My friend wants to put my name down for a house he's buying. What risks would I be taking?
What are the risks, if any
The risks are exemplified by the outcomes presented on this website, including:
What can I do when the co-signer hasn't paid anything on the house in 7 years and now ...
- 3,943
152
votes
I co-signed on an apartment for a now ex-boyfriend who refuses to pay. What can I do?
Advice based on USA style system.
Do not pay it. Do not talk to the creditor.
What you have is old debt. The debt is not still accumulating, it has stopped some years ago, and now, the debt is ...
132
votes
I cosigned for a friend who is not paying the payment
Cosigning is explicitly a promise that you will make the payments if the primary signer can not. Don't do it unless you are able to handle the cost and trust the other party will "make you whole" when ...
- 32k
125
votes
Accepted
If the co-signer on my car loan dies, can the family take the car from me like they're threatening to?
It looks to me like this is a 'call an attorney' situation, which is always a good idea in situations like this (family legal disputes). But, some information.
First off, if your family is going to ...
- 35k
97
votes
My mother co-signed for my car. Can she take it away from me if I am the one making car payments?
The registration (title too, right?) is in your name, the car is yours. You need to decide how to politely tell her this.
90
votes
I cosigned for a friend who is not paying the payment
I'm sorry you are going through this, but what you are dealing with is exactly is how cosigning works. It is among other reasons why you should never cosign a loan for someone unless you are 100% ...
- 4,186
85
votes
Mom made me cosign a car with her because her credit is bad and now the account has gotten charged off
Your Mom has really messed up your finances.
As cosigner you are liable for the whole of the debt on the car. And worse, you have no right to use the car or even stop your Mom using it. Your Mom used ...
- 31k
84
votes
Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?
Is your name on your account at all? If yes, you go to the bank tomorrow morning, open an account in your name, and move all the money over. Then tell your company to change their payments to the new ...
- 21.2k
78
votes
I co-signed on an apartment for a now ex-boyfriend who refuses to pay. What can I do?
After 8 years, you should have a fundamental understanding that things will not change with this ex-boyfriend. He may not be found, and even if he is, he will not pay any portion. Dragging him ...
- 75k
71
votes
Accepted
Why would a lender care who paid off a debt during a refinance evaluation?
The lender is concerned that the loan was paid off with borrowed money and thus the borrower has a debt that they are hiding from the lender. It is absolutely routine for a lender to investigate any ...
- 10.2k
67
votes
How can I remove my name from a car loan?
In effect to get someone off the loan they would have to refinance the loan as the sole person on the loan, which once again depends on their credit. In other words, if their creditworthiness remains ...
- 1,218
67
votes
My mother co-signed for my car. Can she take it away from me if I am the one making car payments?
"Her solution to the problem is to take my car" - i.e. THEFT. If you are on the title, it is your car. A cosigner has no right to the item purchased - all he did was guarantee the loan in case the ...
- 11.4k
63
votes
My mother co-signed for my car. Can she take it away from me if I am the one making car payments?
The car is yours, your name is on the title, and you are insuring it based on you being the driver (not her). You are responsible for parking tickets and toll evasion. Any arrangement you might do ...
56
votes
I cosigned for a friend who is not paying the payment
I am not sure how anyone is answering this unless they know what the loan was for. For instance if it is for a house you can put a lien on the house. If it is for the car in most states you can take ...
- 4,690
56
votes
I cosigned on a house for my brother
This is why we tell people not to co-sign unless they are able and willing to risk that money becoming a gift... or are able and willing to treat it as business rather than family.
Unfortunately that ...
- 32k
56
votes
Accepted
Would being a co-applicant on a loan have any impact on minimum payment each month?
the loan amount would most likely be around $25,000.00. If the minimum payment was $180/month for 144 months or twelve years, would each of us have to pay $180,
That's not how co-signing works. It ...
- 49k
54
votes
My friend wants to put my name down for a house he's buying. What risks would I be taking?
Wrong way round. Transitional arrangements are non-binding guidelines that the lenders can observe if they choose to. The borrower - like your friend - doesn't get to choose whether to use them or ...
- 6,911
53
votes
Can my dad remove himself from my car loan?
Dealerships lie. They told you that dad would be a cosigner, but the likely only way the lease could be approved is by him being the primary. They likely did a clever job of concealing that fact, ...
- 75k
48
votes
Credit card debt after cosigner passed away
Well, we need to know a lot more info, since where your mom lives will have an impact on what assets are at risk, but the general answer is yes, the assets of the estate are at risk, since your dad ...
- 3,997
44
votes
Accepted
Are cosigner finder websites like hireacosigner.com, cosignerfinder.com etc. legit?
I've never heard of those services before, but from looking at one of the websites they don't have ANY kind of Ts and Cs, legal disclaimers, etc. which I feel certain they would need if they were ...
- 21.8k
39
votes
My friend wants to put my name down for a house he's buying. What risks would I be taking?
You should only loan money to friends or relatives if you are fully accepting the possibility of never ever getting that money back.
And in this situation it can happen that you will be forced to ...
- 1,690
38
votes
Cosigned on a loan. If I pay loan off, are purchases now mine?
Unless your name is also on the lease/purchase agreement/etc, co-signing for a loan typically does not grant you any ownership at all.
By co-signing a loan, you are essentially only saying "if the ...
- 517
36
votes
Is a Co signer on a leased vehicle responsible for damages?
Yes.
When you co-signed, you accepted joint liability for the car (presumably because the lender didn't think your sister was sufficiently trustworthy on her own). If there are damages, the lender ...
- 22k
34
votes
Mom made me cosign a car with her because her credit is bad and now the account has gotten charged off
In addition to DJClayworth's excellent answer, there may be one other option - but it depends a lot on the details of how this co-signing happened as well as specific laws in your jurisdiction. You've ...
- 440
33
votes
How can I remove my name from a car loan?
If you were allowed to "simply" take your name off of a loan because you didn't want to be on the hook in case your friend failed their payments then that would mean that the bank would have to ...
- 6,832
33
votes
Can you hire a cosigner online? And does it work? Has anyone tried it?
A cosigner is 100% responsible for the entire debt. The lender would track down the cosigner and enforce the terms of the loan if you are unable to pay.
Why would a person you don't know take on this ...
- 119k
30
votes
Co-signer taking over as primary when borrower can no longer drive
She would have to buy the car from you, likely getting as new loan to do so. Lenders are not likely going to just "take your name off the loan". Understand also that her co-signing on the ...
- 51.7k
29
votes
Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?
Can those assets in whole or in part be seized in any unfortunate
events?
If the vehicle is used by your wife primarily, then it is likely not at risk. The bank account is, the extent to which you ...
- 65.6k
Only top scored, non community-wiki answers of a minimum length are eligible