A cosigner shares responsibility for a loan, helping borrowers qualify but risking their credit if payments aren’t made. Know the risks before signing!
Question: Dear Steve, I have a guaranteed loan for a relative they have not paid, so I’ve been paying but just decided not to. There is only 300 left, whats the worst they can do if anything? It is unsecured Judi Answer: Dear Judi, The path of least resistance and angst can be achieved by …
Question: Dear Steve, I am the cosigner on my now ex-husband’s private student loans. Unfortunately, they are currently going into default. It was over the phone when I cosigned, and I didn’t physically sign anything. I remember he was in Phoenix, and I was in Wales. Could this work to my advantage? And if so, …
Question: Dear Steve, I co-signed for a car loan for my Grandson, and now he is nowhere to be found and is behind on the payments. I do not have the money to pay the payments, so what can the credit company do? Can they put a lien on my home or take my wages? …
Joss recently wrote Steve Rhode (the Get Out of Debt Guy) and asked for advice about a student loan her father took out to help finance her college education. Joss co-signed the loan but understood that her father would pay the loan back. He didn’t. Joss didn’t know her father was not paying down the …
Question: Dear Steve, My son-in-law has co-signed a Sallie Mae loan for his brother, His brother has graduated and has a diploma and is now ben employed for a year. He is refusing to release my son- in law from the loan. Interest has been paid by the father and mother for years. What is …
Question: Dear Steve, My cousin went to the dealership to get a car but, when got there he was told he needed a cosigner. He called me and asked me if I could cosign on his new car because my credit is a little better than his. But my credit is still only about 620 …
Question: Dear Steve, I am a co-signer on a Navient Private Student Loan. When this loan was originated, I was working a full-time job. I am 63 years old and I am presently receiving social security benefits (1,400.00) per month. I was making the monthly payment toward this loan of $500.00 per month for years. …
Question: Dear Steve, I am. a cosigner on a student loan of my daughters with Navient. She has 3 loans with them. One I am cosigned on she has been paying income based on these for years and of course, the principal goes nowhere. She is 2 months late, Navient is going to turn all …
Question: Dear Steve, My son has federal and personal student loans. I cosigned for the loans. If some of the new ideas for student loan forgiveness or whatever happens after the 2020 elections, do you have any thoughts on how the cosigner will be affected? Elaine Answer: Dear Elaine, Excellent question. I can only give …
Question: Dear Steve, I graduated in 2005 with a master’s in fine arts (painting) with over $110,000 in debt. I’ve struggled my whole life. I am a high school teacher and make $42,000 a yr. I am 38 years old, I want kids but can’t afford them. I just filed bankruptcy 1.5 yrs ago to …