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checkrates.com Mortgages Article, Should I co-sign a loan for someone?

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Most of us have been there. Someone we care about calls and asks if we can ca-sign on a loan. Should you do it?

Co-signing means that you are guaranteeing all of the debt, regardless of what happens and no matter what the reason for the payments not made being are. So if you co-sign on a car, and it is destroyed or stolen, you are 100% responsible for all of the losses. That means if you don't pay the loan, your credit will be destroyed and you may be in legal trouble when they come to collect the debts. So think long and hard before you do this. If the person who needs the loan can't qualify on their own, there may be a good reason why.
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