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Tag: cosign a loan

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You Co-Signed and They Defaulted, What’s the Next Step?

If anyone ever calls you and asks you to cosign a loan for them, regardless of who they are, your answer should be no. Don’t do it – unless you like the idea of financial trouble and pending bankruptcy proceedings. If you’re going to ignore this sage wisdom and become the cosigner on a loan […]

Cosigning a Loan: It’s Risky Business

Cosigning a loan is risky business. Most experts will agree that it’s never a good idea. According to the FTC, as many as 3 out of 4 primary borrowers default on their financial obligations as set down in the loan agreement leaving the cosigner responsible for payment. This shouldn’t be surprising since, it’s the reason […]