Is the cosigner responsible for the debt?

Answer 1

Yes.

AnswerYes.

You are certainly responsible for the actions of primary to the extent of the loan....and after that, it would be situational on what other liability could extend to you - but certainly situations no one would want to be in!

A cosigner is generally only needed because the primary doesn't have adequate credit rating/history for the needed loan. (Although sometimes there may be another reason, like the main applicant is too young to legally sign).

Hence, the cosigner needs to have credit good enough to qualify for the loan, and secure enough that they can risk much of what they have historically established, on someone others won't (The credit scores are not combined or added to get to the needed level for a loan, in fact, just the need for a cosigner may raise the level required by the lender to approve a loan).

Being a cosigner is essentially the exact same as getting the loan (your not just signing your basically co-borrowing) - the cosigner is just as liable as if he got the loan on his own..in fact he needs to be more responsible. He now has to take on the obligations of the primary too, if needed, likely without the control, posession or benefit of what was purchased.

Which is to say, if someone buys something for themselves, on their own credit, and then loses their job (or whatever) and has problems paying, they can sell the item and pay off (all/much of) the obligation. For many reasons, a cosigner may not be able to.

And let me be clear, it is frequently shown that people who are irresponsible about their own credit (regardless of why it got that way) are even more irresponsible about others credit and obligations -- and this extends to obligations like those that come with owning/maintaining things. Things that may have a co-signers name connected to them.

Finally, so you don't even have to ask questions like this, perhaps you should consider reading the document you signed...perhaps even now. See what is says. Maybe the one you signed is different from others...and it says apparently what you hope, I guess something like "...we're only asking for an additional person to sign to complicate things and because ink is cheap....it won't actually mean anything" I mean, why did you think you were signing a loan agreement?

AnswerOf course your responsible why else you would you be cosigning.