Think,Twice,Before,Co-signing, DIY Think Twice Before Co-signing For Anything!
When starting a new work at home business it is very easy to become consumed by it. We spend so much time trying to get the business up and running that we may end up becoming burned out and lose our motivation. There is so much to learn and Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-parent:"";mso-padding-alt:0in
He pleaded with me to help him this one time and promised me that nothing could go wrong. So, believing in my friend and that six months down the road I could have my name taken off the lease agreement, I took a chance and co-signed the contract for my friend. Three months later my friend lost his job, couldnt afford his rent payments, and wound up moving back in with his parents. Complicating matters worse, my friend wound up owing additional fees for breaking his lease. When he couldnt afford those fees, guess who the management company came after? Thats right - his co-signer, me!When you co-sign for a loan or a lease youre more than just a backup if the primary borrower cant repay his or her debts, youre a co-borrower! You share the liability even though you share none of the benefits of the loan or lease. Lenders can turn to you at any time to get back their money, not just when theyve exhausted all efforts with the borrower.My ex-husband co-signed for a loan for a girl several years before we married. She was in the armed forces, and he got stuck with the entire bill. It took years before it was paid off, said Marjorie, a forum participant at
Think,Twice,Before,Co-signing,