Perils of Co-signing
If you can do this never co-sign anything for any one. Once you put your name to this anything good or bad will go on your credit also. Car dealers will always say they need to have a co-signer and in a year they can refinance the car in their own name. “Not” — in a year you are so far upside down no bank will take on the note. So over the next 5 to 6 years you have to worry about every payment being made, On a home mortgage worry for the next thirty years.
I have seen where a father co-signed for his son and wife on a mobile home, after a couple years the couple got a divorce and both moved out of the home. The dad could not sell it and finally it went back as a re-po the loan company was wanting $35000 for this $60000 home. The Dad’s credit was in the high 7oo but this home deal was reason enough to file the chapter 7 bankruptcy. The son is in the process of filing also just because the Dad filed that doesn’t protect the other co-signer.
If you find yourself getting calls form creditors for something that is not yours but you co-signed on you might need to talk to a Bankruptcy Attorney.
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