Idiot.
Cosigning someone's mortgage as a friend
By elliemae Follow Sat, 18 Aug 2012, 11:00am 1,504 views 17 comments
In Saint George UT 84770
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I knew how hard she worked to get to this point and felt that she would value her credit just as much as I valued mine.
Excuse me ma'am, it seems as if your friend did value hers as much as you value yours.
Three missed payments = 10k?
What fucking bizarro world do people live in?
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I've only cosigned on one person's loan - a student loan of $2,500 for a niece. She paid it off within a year - and if she hadn't, I was prepared to do so myself. It wouldn't have affected my credit either way.
A house? $10k after 3 months? errc is correct, it's Jerry's bizarro world come to the little people.
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elliemae says
$3k/mo + maybe a bit more for PMI isn't at all out of the ordinary. That's just $500k @ 6%
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Minneapolis, MN
"I wouldn’t recommend co-signing on a stick of gum for anyone after going through this... If the friendship has to end because your friend insists that you co-sign, at least you still have your credit."
If you lose your friendship over refusing to co-sign someone's loan, they weren't a real friend and good riddance to 'em. You'd be nuts to co-sign a loan.
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Menlo Park, CA
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I agree. It's generally a bad idea to guarantee anyone's loan. It's too much like loaning them money yourself.
"Those who lend money to friends lose both."
If you want to help, give them some money outright. At least there won't be any arguments about repayment.
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Its as if she'd never heard of the ten commandments before
Seven: this rule is so underrated Keep your family and business completely seperated. Money and blood don't mix, like two dicks and no bitch. Find yourself in serious shit
And of equal importance
Number six: that god damn credit, dead it. You think a crackhead payin you back, shit forget it
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Patrick says
Cosigning a loan is even worse than loaning money in the expectations department.
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Cosigning someone's mortgage as a friend? BAD MOVE Really, nothing more need be said that was one is self-explanatory
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You have to be brain dead to co sign a mortgage for someone. So you co sign and you are liable for the mortgage, do you also own the house or just owe on the note?
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What a moron.
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Huntington Beach, CA
I learned the hard way not to loan friends money, and especially not to consign for anyone!
Actually, here's a hard and fast rule to follow: if you don't want to ever see one of your friends again, just loan them some money.
Now when asked for a loan by anyone friend or family member, I either give them the money outright or just refuse. A loan would make me their master and I don't need any ornery slaves.
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It's an old adage, but friends and money should never mix.
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Los Angeles, CA
Always co sign anything for anyone. This way the banksters can pick and choose who to collect from - it makes it way easier for the collectors. haha
I used to work as a bill collector in college. If you co sign - both parties are 100% responsible for the entire debt they will go after whoever is the easier target. So friend loses job, you get a wage garnishment as a co signer.
So awsome! Its like being responsible for a minor! Everyone loves to have kids right!
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New Renter says
That you feel this way is a testament to the efficacy of price propaganda.
Move out whereabouts Jody lives and you'll pay a little over a third of that for a two acre spread. The water is dicey but the flautus is better.
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JodyChunder says
Can you walk to anything, or is it all cars?
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Depends on where you're set up. If you want acreage, then you need some wheels. If you're closer in, then walkability is pretty fair. Where I'm at, I could probably get away without having a car, but I don't walk as much as I should on account of the bursitis in my hip.
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Looking for partners that that will go in with me on multi- family deals that have great numbers and upside potential anywhere in country in good neighborhoods.