if you co-signed then that loan is just as much your responsibility as his, and all i can say is that $66/month is not worth killing your credit over

i do home loans for a living and i look at credit reports all day, and most of the people with bad credit were people that were put into situations like this (often had medical bills <$500) and refused to take a hit and now they're paying $400 higher a month for their home loan because their interest rate is far higher than what they would be paying if they paid the little $100 medical bill that came in the mail.

fyi, this will stay on your credit report for 7 years if you make a late payment or no payment

[Edited on August 8, 2007 at 8:02 PM. Reason : /]

8/8/2007 7:59:16 PM

^^ yeah, i don't think i'd cosign for anyone for anything

Quote :

"im telling you, she needs to file a claim in court on this."

oh yeah, i wasn't saying otherwise.

8/8/2007 8:26:16 PM

your screwed, should of never done it.....

and defaulting on a gov loan screws you royally

[Edited on August 8, 2007 at 9:25 PM. Reason : w]

8/8/2007 9:20:10 PM

Not sure where the notion is coming from that she's a cosigner on a government loan.

If it's a loan for education and it's based on one's credit, it's private. The gov't doesn't require a cosigner.

8/8/2007 10:15:20 PM

Quote :

"The last time I spoke with him it was through myspace"

8/8/2007 10:39:30 PM

i wouldn't co-sign for ANYONE

8/8/2007 10:41:19 PM

I have a question. I never would, but if you cosign a loan for someone to buy something, say a house or car, and they stop making payments, can you take possession of the property if you start making the payments?

8/9/2007 10:35:30 AM

Quote :

"I'm not endorsing fraud. It is perfectly legal to dispute a record on your credit file with no reason. Now the loan originator must provide evidence that she did in fact cosign. If he fails to do so, the record is removed from the credit report. It is a temporary fix and not fraudulent. But, even if it is taken off, it would still haunt her later."

Sigh. Let me rephrase. What you suggested may be legal, but dishonest and unethical. Yes, you can always do something dishonest and if you get away with it, profit. Isn't that exactly what this guy did to her in the first place? There is nothing illegal about what he did. She was dumb enough to sign, so it's her responsibility. And he got away with it so he profits. If she attempts to lie to the credit agency (and it would be a lie, we've already established that), how is she any different from the guy anyway -- she is getting out of paying money that legally she is responsible for.

I guess if you are cool with that sort of thing, go for it.

By the time they investigate it (which in all likelihood would involve them calling bullshit, because if it was that easy to get out of it, no one would ever pay back a co-signed loan) several payment dates would have come and gone without her paying and then her credit is already hurt. Or she can attempt your plan while paying the loan (which would look suspicious...), either way, she needs to pay the thing.

8/9/2007 10:37:11 AM

^^ Not unless your name is on the title.

8/9/2007 10:47:51 AM

Talked with his mom today. She got in touch with him and chewed him out for putting me in this position in the first place. He said he's getting paid tomorrow and will go to the credit union and have money put into my account.

At least that makes me feel a little bit better. I'm glad his mom lives near me.

8/9/2007 3:33:53 PM

Quote :

"^^ Not unless your name is on the title."

if you co-sign, you're on the title (in most states).

[Edited on August 9, 2007 at 4:08 PM. Reason : ]

8/9/2007 4:06:45 PM

Really? That's surprising. So technically you could take the car, and resell it, assuming you could sell it for the balance of the loan?

8/9/2007 4:27:40 PM

obligatory

8/9/2007 4:28:21 PM

^^the primary would need to sign off on the title though

8/9/2007 4:29:19 PM

So then what's the benefit of being on the title?

8/9/2007 4:59:51 PM

death
divorce
?

[Edited on August 9, 2007 at 5:06 PM. Reason : ]

8/9/2007 5:05:46 PM

The primary can't sell the car/house without the co-signer signing it as well. There are situations where this is beneficial, one that popped into my head is hypothetical but has probably happened.

Man and wife buy a house together with wife as cosigner, they build $50,000 in equity. Husband has gambling problem, goes to take out a second mortgage behind wife's back but can't cause she is on the title too.

[Edited on August 9, 2007 at 5:10 PM. Reason : .]

8/9/2007 5:07:25 PM

in NC even if wife doesn't co-sign she's still on title

8/9/2007 5:17:25 PM

i just got back my paperwork today on my stated income loan. and it looks like im getting that island

just not out in the ocean.

8/9/2007 5:51:20 PM

^^^ So what about that person makes them the "primary"

[Edited on August 9, 2007 at 6:03 PM. Reason : ]

8/9/2007 6:02:21 PM