Did you know by cosigning for a loan that you are giving someone else your credit worthiness? Think about this, all the years you worked to build up your credit and establish yourself. You trust someone else with these great accomplishments. Not only are
you trusting them with this but you are paying for it as well, your credit to debt ratio will be reduced because the consigned amount is considered to be your debt. You should think why the other person has the problem of obtaining the credit needed. The banks and lenders have done their job and would not take the risk on this individual. Did you know three out of four cosigners end up paying for the loan?
I have heard of many stories where people have cosigned for someone dear to them. Since they have an outstanding loan no further credit would be extended to them, and at times they have had to pay the loan.
Please be sure you can afford to lose good relationships, (friends and family) as well as your money before you cosign.
Now is the time to buy a home view homes on Staten Island.
David Rivera Certified short Sale Agent
2043 Richmond Ave
S.I. NY, 10314
office 718 698-9797
cell 646 251 9618