What rights do I have to a property when I signed a quit claim, but co-mingled marital funds have been used to pay the mortgage and upkeep? I signed under slight duress and with the assumption that it was community property. We are now divorcing.
If the person someone cosigned for does not pay rent or trashes the rental unit after they move in a cosigner can be held liable for significant moneytary damages.
What are the benefits of co-signing with someone for a new car?
It depends if you are the one getting a car or not. I'll break it down into the two parties. (1) The person needing the credit of a co-signer to get a new car and (2) the co-signer who allows person 1 to get the new car. Person 1 (signer of loan): Allows someone with less credit to gain more credit. This may help them be more credit worthy in the future. Just because someone makes enough to pay off a loan doesn't automatically qualify them. Person 2 (co-signer): Really there are no major advantages. If the singer defaults, the loan company will go after the co-signer and attempt to get their money back that way. Yes, the other person would likely appreciate the co-signer for the help in getting the credit to buy the car, but is it worth putting your own credit rating at risk for someone else? In the end it's only a decision the signer and co-signer can make together. I hop that helps.
What is involved in co-signing for a loan for someone?
No....only the creditor will. I can tell you what's really involved though: ruined credit for you.....Co-signing a loan is an express train to bad credit....This board is littered with sob stories of people whose credit has been destroyed by co-signing for a friend, relative or lover.... If the other person defaults....you will be totally responsible and it's almost impossible to get yourself out of the loan.
Do you agree with NEVER co-signing for a loan for someone?
Suzie Orman and Judge Judy are putting ideas into my moms head. My Mom has really good credit and I had my identity stolen so I am stuck with this damn 630 which I can never seem to fix no matter how hard I try. Once I get one thing removed from my report another one pops up. So anyways, my Mom co-signed for my first car, which I paid off with a perfect payment history. Then my Mom took out my car lease in her name because she has great credit and made my payment so much better. Well, now I am about to get another car (as soon as GM runs another pullahead deal) and now shes second guessing if she wants to sign due to what Suzie Orman and Judge Judy are saying. Yes I am 27, I should put it in my name, but my credit isn't great at the moment due to my ID theft which would make my payment so much higher, and on top of it, I am not working full time because I was laid off due to the crappy economy. But I ALWAYS pay all of my bills on time, I always have and I will not get in over my head. My mom should know this after paying for my carsON TIME for 6 years. Do you think Judge Judy and Suzie Orman are being too harsh? I am also working and a full time student, shouldn't parents step up to the plate to help their kids achieve? Without my mom signing for my car I would have no way of getting reliable transportation to go to school or work. I would have to settle for a crappy car which may be unreliable and leave me stranded in my ghetto collegetown or rural area where my job is :/ Opinions?
What is the downside of cosigning someone buying a house?
There are only downsides to cosigning a mortgage on a home for someone else. First, you engage alll the liability if the person you cosign for fails to make the payments. Payments they can afford today might be totally out of reach next week, and you are on the hook for 30 years. Secondly, you have tied up your own credit. You have committed your income to paying on the other house. Which means you have no credit available to purchase anything else. Depending on your income, you might not even qualify to buy a new car. Even if the homebuyer IS making timely payments. All the benefits of your cosigning go to the homebuyer. He/she gets the benefit of lower interest rates due to your good credit. He/she earns an improved credit rating. He/she has control of the property and any accrued equity. You don't benefit at all other than your perception of having done "a good deed". Lastly, a real friend or a loving family member would never ask you to do something like that.
Co-signing for a car?
I have an odd situation my mom and dad aren't kicking me out but I cannot bare to live with my dad anymore, we aregue all the time and I just feel like he doesn't want me there. I'm only 19 so I don't have any credit really and I'm going to need to get a car. I know for sure my dad will not co-sign for me but him and my mom have really good credit. Would it be possible for my mom to co-sign without my dad knowing? I really would make the payments and not default I have a full time job and I'm responsible plus I have money saved for emergencies but i just don't know how else to get a car without credit unless she co-signs. How does this work will my dad even be aware and yes he does look at all the bills. As a co-signer are you given a copy of the bill?
Where can I get someone to co-sign a lease for me, due to bad credit?
If you are looking for a company or professional that does this kind of thing, there is no such thing. If you need a co-signer, you’re going to have to look in your family and circle of friends and find someone close enough to you, who trusts you enough, that they feel safe co-signing for you.One time, in college, I was trying to work out financing to buy a car, but had no credit yet. I asked Dad if he’d co-sign for me. He said, “What did I ever do to you that would make you want to do something so dirty to me?” When you ask someone to co-sign on anything, then you are asking them to be willing to take the risk of having to take over the financial obligation if you can’t handle it or disappear. If you stop making payments, then all they can do is take over the payments or it’ll hurt their credit, too.There is no business or person who does not know you well who is going to want to take that risk. There are only three people I can think of whom I would even consider co-signing anything for, and I know them extremely well and am also very aware of their finances and financial history.I know this isn’t the answer you want to hear, but if you can’t find someone close to you with good credit to co-sign, then there’s really nowhere else to look.
What's the worst can happen from co-signing for someone?
Well, I don’t know about stuff like cars and houses, but in the film Rounders when Mike took on or “co-signed” Worm’s debt he was going to get killed if he didn’t pay up on time. How good are you at poker?Sounds a bit extreme though. In your case I think you would probably just have to pay for the item in full should the person default.One other consideration is that if it’s a car loan you co-sign it will show up on your credit report as a car loan. If you decide to go out and buy yourself a car they may not give you credit because you already have a car loan listed on your credit report.
How does co signing for someone effect your credit?
"does co signing for someone trying to get a vehicle effect you trying to buy a home" Yes. The debt counts against you because, if the jerk that you co-signed for defaults on the payments, that loan is added to what YOU owe because that's what co-signing means. People that you talk to about a home loan will assume that you'll end up paying the car loan because people that need a co-signer are not good bets.
How does cosigning on a car work?
A cosigner is the guarantor of the loan. That person says that if you can't make the payments, he/she will to keep the contract current. Cosigners are needed for buyers without credit or borderline credit. People with bad credit will not get approved. Even with a cosigner. Don't believe any myth about a cosigner being able to get off the loan in a few months. That's some new b.s. shyster salespeople are using to get a car sold. It makes the cosigner feel more at ease about signing the contract. The truth is, a cosigner CANNOT be taken off a contract until the loan is paid in full. A contract is a legal document that states the guarantor will remain on it and meet all obligations of the terms until it's paid off. The loan was approved with that stipulation and it can't be changed. If you can get a personal loan later on under your own name to pay off the car loan, then the cosigner will no longer be liable.