All You Need To Know About Co-Signing A Loan: What Are Your Responsibilties As A Co-Signer?

Many borrowers, be they cosigner or primary borrower (also known as the maker), don’t recognize the magnitude of the responsibilities borne by cosigning a loan.

Cosigners lend their names and good credit histories to the maker. Should the maker die, lose a job or otherwise fail to make payments, all responsibility for meeting the terms of the loan transfers to the cosigner.

An often-overlooked aspect of cosigning a loan is the fact that the loan appears on both the maker’s and cosigner’s credit reports.  If the maker doesn’t pay, the lender will notify you to make the payments. In most cases, however, your credit report already will contain the delinquency by the time you receive this notification.

To read the full article http://www.mcul.org/Loans_706.html?article_id=890

Samantha@ambroselawgroup.com

Ambrose Law Group

248-624-5500

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1 Comment

Filed under Bankruptcy/Debt

One response to “All You Need To Know About Co-Signing A Loan: What Are Your Responsibilties As A Co-Signer?

  1. Pingback: All You Need To Know About Co-Signing A Loan: How might a co-signed loan affect your ability to get new credit? | Ambrose Law Group

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