this one pissed me off because its a best friend who recently got divorced. when they were married they were both earning huge salaries but were frustratingly financially illiterate: high salaried, almost zero savings, renting a way too expensive townhouse in brooklyn. Then they got an ugly expensive divorce. Now they are both scrambling just to make ends meet.
I get the call asking for me to co-sign an apartment lease and he pulls the "I'm not even asking to borrow money, its just your signature
. It wont even affect your credit man!"
I point out that the projected rent is way to expensive and he pulls the: "it'll be so easy to find a roommate!"
Originally Posted by VaderDave
Just tell them that your attorney told you never to co-sign on anything for anyone. In the alternative, maybe tell a little white lie and say that you're just about to buy something big on credit (like a car or investment property) so you need to have your credit as clean/clear as possible.
I've had several times when I've had to be the bearer of bad news to clients who didn't realize that by co-signing they became equally liable for the debt and that the creditor could come after them first
, without even bothering with the poor 20-something.
Originally Posted by HRoi
People should know how huge a deal it is to ask another person to co-sign a loan. You're asking someone to take a risk with something that takes a lifetime to build, and can really fuck his shit up for a long time if things go wrong.
There's also probably a reason why you couldn't get that loan on your own