Co-signing on a mortgage re-financing
Question: A good friend has asked me to co-sign on a mortgage. She is re-financing now >that she has clear title on the home after her divorce. Unfortunately, her ex >ruined her credit and was often delinquent on home payments, so she requires >a co-signer.
Answer: I recommend that you NOT cosign for her. A friend sold a car to a person with poor credit while carying the payments himself. He got stiffed badly!!
A lein on your credit will make it difficult to get a loan of your own.
This is real serious BUSINESS, not just doing a friend a favor. For whatever reason she got the bad credit rating, the conditions have probaby not changed, nor will they. You may well be stuck with all the payments AND the credit hits.
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Filed under: Bad Credit Loan
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