{"id":288,"date":"2017-05-12T14:42:31","date_gmt":"2017-05-12T14:42:31","guid":{"rendered":"http:\/\/belbolcpa.com\/blog\/?p=288"},"modified":"2017-06-23T15:14:02","modified_gmt":"2017-06-23T15:14:02","slug":"dont-be-a-co-signer","status":"publish","type":"post","link":"https:\/\/belbolcpa.com\/blog\/dont-be-a-co-signer\/","title":{"rendered":"Don\u2019t Be a Co-Signer Unless You Want to Pay Someone Else&#8217;s Debts"},"content":{"rendered":"<p><a href=\"https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2017\/05\/05-12-17-signature-sticker-1239475-640x480.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-289\" src=\"https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2017\/05\/05-12-17-signature-sticker-1239475-640x480-300x225.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2017\/05\/05-12-17-signature-sticker-1239475-640x480-300x225.jpg 300w, https:\/\/belbolcpa.com\/blog\/wp-content\/uploads\/2017\/05\/05-12-17-signature-sticker-1239475-640x480.jpg 640w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Your friend, child, brother, or parent can\u2019t get a mortgage or a car loan so they ask you to be a co-signer. Of course you will be a hero and co-sign for your loved one! But beware of the dangers before doing so.<\/p>\n<p>In reality, the lender is assuming that the odds are fairly high that there will be a default on the loan, otherwise, why would they need someone else to co-sign on the loan? There are certainly many situations that the loan never goes bad, but why take such a chance? Consider this:<\/p>\n<p>If the borrower defaults on the loan, then your credit will take a hit because you are personally responsible for the loan. The lender may also come after you for payments on a loan that you never benefited from. Actually, you had almost all of the risk without any real benefit.<\/p>\n<p>If you are familiar with Murphy\u2019s law, then you know that what can happen will happen. So, what if you are ready to obtain a mortgage or finance a car and then find out that the loan you co-signed went bad? You may not qualify for the loan for yourself or the terms may not be as favorable as they were originally.<\/p>\n<p>One last item to consider is the damage to the relationship once a co-signed loan goes bad. As Polonius said over 400 years ago in Shakespeare\u2019s <em>Hamlet<\/em>, \u201cNeither a borrower nor a lender be; For loan oft loses both itself and friend . . .\u201d Even thousands of years before Shakespeare numerous bible versus were also written to warn against co-signing such as Proverbs 22:26-27 and Sirach 29:16-18.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Your friend, child, brother, or parent can\u2019t get a mortgage or a car loan so they ask you to be a co-signer. Of course you will be a hero and co-sign for your loved one! But beware of the dangers before doing so. In reality, the lender is assuming that the odds are fairly high [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[2,3,90,6,7,8,9,10,11,15,16,17,18,65,138],"tags":[23,29,109,55],"class_list":{"0":"post-288","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-budgeting","7":"category-business","8":"category-debt","9":"category-estate-planning","10":"category-expenses","11":"category-financial","12":"category-insurance","13":"category-investments","14":"category-ira","15":"category-new-jersey-tax","16":"category-retirement-2","17":"category-self-development","18":"category-taxes","19":"category-technology","20":"category-time-management","21":"tag-debt","22":"tag-expenses","23":"tag-loans","24":"tag-taxes","25":"entry"},"_links":{"self":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/comments?post=288"}],"version-history":[{"count":5,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/288\/revisions"}],"predecessor-version":[{"id":309,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/288\/revisions\/309"}],"wp:attachment":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/media?parent=288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/categories?post=288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/tags?post=288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}