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is this legit?:
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30 yr fixed with a 6.58% Interest 100% Financing.
My PMI is almost $200 a month but I liked the idea of that better than emptying my savings.
Additional Details
For people who are ... |
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 Bank charges? |
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dkneheli | Co-Signing? |
My sister is in debt and would like to consolidate. The catch is that she would like me to co-sign with her on the loan.
I don't know alot about co-signing but I do know the risks for me far outweigh the benefits. I assume that if things go bad, I will end up royally screwed. So my question is, is there really any good reason to co-sign on a loan with anyone, ever? |
 |
 
angeleyes
 |
your sister is in debt because she is a credit risk......she must have made alot of bad choices..no, it is not a good idea to co-sign for her..if she screws up, your credit is screwed, and so are you..i say pass on this one, if she gets mad, too bad..she made her own debts. Think of yourself down the road, if you will need a good credit rating, and you don't have one, you wont be able to get that car, or house, or even a cell phone!!!
Don't do it!! |
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SPIFIMAN1
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Not really. Unless you are ready willing and able to make the payments yourself? Never never never co-sign for anybody. |
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Lisa A
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Never, ever, ever, ever, ever, ever, ever, ever co-sign a loan.
There is a reason the person needs a co-signer. It is because they are a bad risk. If a huge company with billions of dollars won't loan a few to your sister because they're that sure she won't pay it back, why would you? |
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beauty s
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NO NO NO NO!! That is the worst thing to do, because if u can't pay the bills she has then, what makes u think u can pay the loan off.. and then your credit will be ruin. |
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g
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Absolutely not!!! Bad relationships form all the time over money. So if you love your sister which I know you do then save yourselves the heartache by not co-signing on any loan. |
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DaMan
 |
Let me answer you with two words that you will always remember,
HELLLLLLLLLLLL NO! |
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almcneilcan
|
The only situation in which I would co-sign on a loan for family or friends is if their financial situation was not their fault and you are confident that can pay back the loan. Otherwise, don't do it.
Most persons from time to time need financial help. But giving someone that assistance is tricky. Sometimes people get into finanical trouble which is not their fault. I wont list examples because here are many. But there are some persons who get themselves into financial trouble and it's their own damn fault! Not only that, but they do it repeatedly. These types you do not help. You can get into serious financial trouble once in your life and argue it wasn't yoru fault or it was a learning experience but not twice.
As well, even if someone is in finanical straits and it's not their fault, they may not be able to get out if it. Just co-signing on a loan may not be enough. The person may work in a field that is largely contract and she may not be consistently employed. Then the bank goes after you for payment. Or, the loan payments are very steep and she falls behaind because she's living paycheque to paycheque. Next thing, she's defaulting.
Only if this is her first time in financial trouble and you strongly believe she can make the payments, then do it.
-- Liam |
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CrazyChick
|
I have an aunt who was married for years, and her husband always took care of the bills.
Well, I suppose I should say, he "took care" of the bills.
She thought they were fine. They were in huge amounts of debt, and by the time she learned of it, their house was being foreclosed on, and they were looking at having to file bankruptcy.
Naturally, she divorced him, further blemishing her credit.
I tell that story as the ONLY example I can think of that it would be not the stupidest idea ever to co-sign for a loan. Once she was on her own, my dad co-signed on her lease, and a car, and it's never been a problem. |
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Cinna
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Do not do it . If a person can not obtain the loan themselves do not co-sigh because it is the same as you borrowing the money yourself. It will ruin your credit the same as if you borrowed the money all by yourself. I personally think it also makes the person less careful about re-paying the loan. Do not get caught in this. |
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Stephen
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Only person you should co sign a loan is no one. If your asking to borrow money your obviously don't have money so does co signing still make sense. Yes you will be held accountable for when your sister doesn't pay her debt. Send her to daveramsey.com for personal finance management. Why can't she save up the money and buy the item. If your helping with consolidate she obviously has debt from credit cards. You just freed up her credit cards for her to charge up again. How about making her write a budget and pay off her debt on her own so she learns not to make that mistake again.
The borrower is slave to the lender,
check your bible |
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