Site Archives Co-Signing

Co-signing – You Risk Ruining Your Credit Rating

You Risk Ruining Your Credit Rating   When you cosign a loan, your credit is affected immediately.  Does this shock you?  You see it doesn’t matter that the loan may eventually be paid in full by the initial borrower.  Your credit will be affected the minute you sign the paperwork.    How does that happen, […]

Co-signing – A Vacuum of Information

A Vacuum of Information   You may not be notified should the borrower miss a payment.  Time after time the loan payment may be missed and as a cosigner, you may never know.  That is until the loan is in default and the collateral has been repossessed.    By that time, it may be too […]

Co-signing – Loan Default Consequence

  Loan Default Consequence   What happens if the person with whom you cosigned a note refuses to pay or misses a payment.  In most states in this country, should a friend, relative or acquaintance miss just one payment, the lender can immediately go to you the cosigner and immediately collect from you WITHOUT FIRST […]

Co-signing – The Odds Are Against You

The Odds Are Against You   Statistics show that the cosigner winds up paying for nearly three out of four cosigned loans that end up in default.  The lender can go directly to the cosigner, bypassing the original applicant immediately.  Furthermore, all the typical methods available to the lender for debt collection can be directed […]

Co-signing – Asset Repossession

Asset Repossession   There is always the possibility that what you cosign could be repossessed, leaving you still on the hook for most of the outstanding loan.  Ask any credit union or bank how they come out financially when goods are repossessed.  Repossession is usually a financial disaster for both the borrower and the lender.  […]