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Somebody else is messing up!


RayvonTCO
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What should a person do if they made the mistake of co-signing:evil: for someone else (a mortgage) and the people that were cosigned for are frequently late on payments resulting in the cosigners credit damage. I don't personally think you should ever cosign anything for anybody but could there be some advantages?

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What should a person do if they made the mistake of co-signing for someone else (a mortgage) and the people that were cosigned for are frequently late on payments resulting in the cosigners credit damage. I don't personally think you should ever cosign anything for anybody but could there be some advantages?

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The reason your friend/relative needed a co-signer was because the OC felt they were too big of a risk and would likely not be able to live up to the contract. A co-signer accepts that risk and reaps the the consequences if the friend/relative doesn't fulfill the obligation.

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I wonder if you could demand that they sell the home or refinince it in only thier name (if they can.)

You might could sue them if they didn't tell you they were going to be late each month that they were, not giving you the chance to make the payment on time, but that's pretty thin.

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Hopen4800..

My people did not need a cosigner they made the mistake of cosigning for someone else

Bigtime...

Thanks but the whole sue thing amongst friends is touchy. I would not have a problem but then again I would not cosign for my mother to buy a bag of chips!!!:D

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The refinance thing is out bcuz they already were messed up so thats why they needed a cosigner. On top of that they have been late a few times. If they refi, my friend's credit report will still say she was late on a mortgage a few times anyway right? We were hoping we could get it off her cr.

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"Co-signor" will have to live with his mistake. To avoid future lates, make the payment if primary can't; then get reimbursed.

Think that's a bad idea???? Afraid you won't get your money back? That really tells you that you made a mistake, doesn't it.

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A co-signer is 100% liable for the debt. If the creditor reports to the CRA's (obviously, in this case they do), then the account in all it's glory will appear on the co-signer's CR.

The co-signer can dispute on the basis of some inaccurate detail in the TL and hope for the best. Barring that, the TL will remain. I hope for your friends sake this isn't a 30-year mortgage...

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