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Is co-signing on a loan the same as getting one for yourself?

Asked by infogirl - 2 years 10 months ago

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Answered by oz
2 years 10 months ago
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Co-signing a loan means you guarantee repayments from the borrower.
Signer (guarantor) assures lender that borrower will pay the loan. If not, the co-signer (guarantor) will be obligated to make the payments.

There have been cases where many co-signers no long have fair relations with the borrower and end up having to repay the entire loan. Before you commit, I reccomend some kind of insurence in this case. Talk to a lawyer if you don't understand the law and remember to use your best judgment in providing yourself as a gaurantor.
You dont' want to lose your home just because one day your best friend now hates you.



You can find an United States lawyer in your city from here :

http://lawyers.findlaw.com/

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