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Old 02-02-2015, 01:17 PM
 
Location: Omaha, Nebraska
7,179 posts, read 4,090,994 times
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I'd only cosign if I was 100% positive I'd be willing to pay back the entire amount of the loan without coming to resent my family member.

Why cosign rather than just give the money as a gift, in that circumstance? Well, maybe the family member in question wants to boost his/her credit score. My cosigning would allow them to do that, while giving them a monetary gift would not (and might be subject to taxation as well).
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Old 02-02-2015, 03:24 PM
 
213 posts, read 181,529 times
Reputation: 84
Quote:
Originally Posted by Lowexpectations View Post
And this is how one bad financial situation can turn into two
No if I have the money I will cosign, I can't just sit around and watch them suffer. A lot of you guys are being selfish.
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Old 02-02-2015, 04:53 PM
 
Location: Omaha, Nebraska
7,179 posts, read 4,090,994 times
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Originally Posted by chancellor14 View Post
A lot of you guys are being selfish.
Financial self-preservation isn't selfishness. There's a reason someone needs a cosigner on a loan, and that's because the bank issuing the loan thinks there's a high probability the person in question would default on the debt. Now why would the bank think that? Could it possibly be because the person in question has lousy credit?

Most people who need a cosigner on a loan got in that position because they are bad with money. (Young people still in school are the major exception to that rule - they need a cosigner because they have no credit history at all.) Why am I obligated to bail out someone who's shown they are fiscally irresponsible?
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Old 02-02-2015, 05:09 PM
 
24,843 posts, read 32,302,155 times
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Originally Posted by chancellor14 View Post
No if I have the money I will cosign, I can't just sit around and watch them suffer. A lot of you guys are being selfish.
Call me selfish........but, what I have I worked for.......in the mud.....heat.......cold and rain/snow.

It is MINE.
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Old 02-02-2015, 05:12 PM
 
18,724 posts, read 13,501,465 times
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Quote:
Originally Posted by chancellor14 View Post
No if I have the money I will cosign, I can't just sit around and watch them suffer. A lot of you guys are being selfish.


No it is how one bad situation turns to two. You said you would do it no matter what and that's what could be problematic
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Old 02-02-2015, 05:13 PM
FBJ FBJ started this thread
 
Location: Tall Building down by the river
39,615 posts, read 50,124,026 times
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Quote:
Originally Posted by Driller1 View Post
Call me selfish........but, what I have I worked for.......in the mud.....heat.......cold and rain/snow.

It is MINE.

Thank you, not trying to have my financial situation take a hit after working so hard to build it up.
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Old 02-02-2015, 05:16 PM
 
24,843 posts, read 32,302,155 times
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Originally Posted by FBJ View Post
Thank you, not trying to have my financial situation take a hit after working so hard to build it up.
My bother-in-law lost their home a few years back.......I would not help them.

They were vacationing while I was working.
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Old 02-02-2015, 09:48 PM
 
213 posts, read 181,529 times
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Originally Posted by Driller1 View Post
My bother-in-law lost their home a few years back.......I would not help them.

They were vacationing while I was working.
this is what I am talking about...selfish. How could you let him lose his home while you had enough money in the bank to stop it??
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Old 02-02-2015, 09:50 PM
 
213 posts, read 181,529 times
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Quote:
Originally Posted by Aredhel View Post
Financial self-preservation isn't selfishness. There's a reason someone needs a cosigner on a loan, and that's because the bank issuing the loan thinks there's a high probability the person in question would default on the debt. Now why would the bank think that? Could it possibly be because the person in question has lousy credit?

Most people who need a cosigner on a loan got in that position because they are bad with money. (Young people still in school are the major exception to that rule - they need a cosigner because they have no credit history at all.) Why am I obligated to bail out someone who's shown they are fiscally irresponsible?
You aren't obligated but you should want to help out. They may have not paid there bills in the past, but that can change. You know your family members situations better then any bank...
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Old 02-02-2015, 09:54 PM
 
213 posts, read 181,529 times
Reputation: 84
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Originally Posted by Lowexpectations View Post
No it is how one bad situation turns to two. You said you would do it no matter what and that's what could be problematic
If I don't have the money I won't. Example: I have 100k in savings and one of my family members wanted me to cosign for a car...why wouldn't I? If I had 10k I wouldn't.
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