Yes, the obligation will be reflected on the co-signer's credit. Lenders do not differentiate between a signer and a co-signer. Both are responsible for the repayment of the loan. If the signer stops making payments, the lender will look to the co-signer for full repayment of the obligation. Co-signer be aware!
yes
No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.
i have no idea
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
That is a variable, it could put you in a maxed out situation where you couldn't get a loan for yourself. You only have so much credit to use. Good Luck
yes
No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.
It depends on how your father's death, the repossession, and the cosigners credit are corelated.
i have no idea
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
That is a variable, it could put you in a maxed out situation where you couldn't get a loan for yourself. You only have so much credit to use. Good Luck
both owner cosigners credit will be affected both owner cosigners credit will be affected
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Yes, it will report equally.
A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.
If one has a bad credit history, it is still possible to get a mortgage. If one cosigns for a loan with someone else, they have a better chance. One should also attempt to improve their credit. Wells Fargo, Quicken Loans, and many other places offer mortgages.
That is why the cosigner is there. To back up the contract if you bail.