Comments on: Why You Should Never Co-sign For a Loan

By: Shailesh Ghimire

Shailesh Ghimire — Thu, 23 Jul 2009 22:21:27 +0000

Mike – wish I knew the answer to this question. AZ is a community property state. That is all I know and how that applies to home loans. Sorry.

By: Mike

Mike — Thu, 23 Jul 2009 05:06:37 +0000

This is a vehicle loan question, but still a loan question. In AZ, can one spouse cosign the other spouse to a loan without the other party being present or willing? Following a divorce (legal dissolution), is there any way to not be liable for this loan if the other party is not making payments?

Thanks.

By: Fednadine

Fednadine — Wed, 24 Sep 2008 03:49:11 +0000

My friend asks me to help him co-sign a loan for his house. I dont know what to do,if I should sign it or not.Because I do not see the point,why his wife cant help him co-sign.please help.

By: Shailesh Ghimire

Shailesh Ghimire — Thu, 06 Dec 2007 21:07:55 +0000

Cheryl,

I won’t get into the details of your relationship, but I think you certainly need to discuss the factors which led to your fiance co-signing a loan. I never advise anyone to do so and both you and your fiance need to be on the same page before you get married. If a similar situation were to arise in the future where you guys were requested to sign for a relative and you don’t wan to then things could get sticky.

I would certainly advise him to get his name off that mortgage as soon as possible.

Thanks for stopping by and let me know if you have any other questions.

By: Cheryl

Cheryl — Thu, 06 Dec 2007 15:42:27 +0000

My fiance, I just found out signed his name on a 500,000 dollar mortgage for his sister almost two years ago. He is now trying to get his name off the mortgage and says he is working on it with his sister which she says will be done within a couple of months. She has been making the payments and has not defaulted, yet I have put the wedding off until this is resolved. Should I call off the whole thing because he did this? He did it before I knew him, but I am concerned. The reason he told me he did this is to help her and she had bad credit. He also doesn’t fully understand why I put this on hold. I don’t think she should have ever bought this house since she only put 8,000 as a down payment. Please help!(..