A cosigner shares responsibility for a loan, helping borrowers qualify but risking their credit if payments aren’t made. Know the risks before signing!
“Dear Steve, Single mother of 2 adults kids. Work FT. No savings, own a home. I cosigned for my daugher’s student loans. She went to an art school that she thought would give her what she wanted but after a year decided it was not for her. Now she has huge loans and credits are …
“Dear Steve, I hope you can lead me in the right direction. I am in serious debt trouble. I don’t know were to go from here. My debt is out of control with 2 bank loans 5000 a piece, 1 credit card $16,000 which I have a cosign on and have never been late. 2 …
“Dear Steve, Is the cosigner responsible for pheaa students loans if death or disability of the student occurs? Ron” Dear Ron, Ultimately you’d have to look at the actual loan document. But since the cosigner is guaranteeing to repay the loan if the student did not I would have to imagine that if money was …
“Dear Steve, My grandmother and myself are on title of my car, as Mark and_______, she is filing bankruptcy and I still owe 3,000.00 on car. I live in Ky, and saw a wrecker outside my house last night, it has only been one week. Can they take my car now, before going to court, …
“Dear Steve, My husband and I have inherited many bills from our children over the last year. One son was in a car accident and was sued by the other party for damages to their vehicle. Since he was under 18 at the time, I had to pay $6000.00 that my husband’s insurance refused to …
“Dear Steve, I’m 22 and last year I was told I had to sign my Dad’s lease or move out. So I signed it as a cosigner. My Dad was incarcerated out of the country *in Canada* several months later. At the time I couldn’t afford to pay 2 months rent to get out of …
“Dear Steve, I filed chapter 13 October 2008. A Capital One Credit Card charge was included. At my meeting for creditor’s they did not appear nor was there a claim for me to repay the card to them made to be included in my payments. My mother was a cosigner on the card and now …
“Dear Steve, I co signed for a GMAc loan for my son and he was late on the payment several times. We have since pd the car off. How long will this hurt MY credit? Merrilyn” Dear Merrilyn, A negative entry on a credit report can appear for 7.5 years from the date it was …
Noname “Dear Steve, I am in a distressed situation and i dont know what to do about it. I recently lost my job and I have 2 car payments that along with insurance is taking about 600.00 a month and recently a family member that i signed for a car went to jail so now …
Erin “Dear Steve, OK, here goes. My husband co-signed for his mom on a jeep in 2002 (he was 20). His mom then neglected on the payments and filed bankruptcy in 2005 (not sure weather 7 or 13). The car was repossessed without any contact to my husband (who no longer lived at home) to …