What is the definition of co-signer?

What is the definition of co-signer?

3 Answers

Once you become the co-signer of the loan, you become legally responsible for the debt. It will appear on your credit report. If payments are not made regularly, then late payments will be reported on your credit report, which in turn will srop your score.



Remember, that if you're a cosigner, the lender may set any property owned by you for foreclosure to get his loan repaid under certain circumstances. The lender could certainly achieve a judgment against you. You may be expected to bear legal fees, penalties or late charges which are applicable on the default.


1. To sign (a document) jointly.
2. To endorse (another's signature), as for a loan.
 
Basically it means that the cosignor takes on the same responsiblities as the borrower.  If the borrower fails to pay, the cosignor takes over responsiblity.
How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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