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Yes, unless your income can cover both debts. When you co-sign a loan you are guaranteeing that it will be paid. If the primary borrower defaults, the lender will come after you for payment. It would be considered your debt.

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12y ago

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Related Questions

Will cosigning a loan effect your ability to get a loan?

Yes, it will affect your debt to income ratio.


Have you ever regretted cosigning a loan for your ex?

Yes, I have regretted cosigning a loan for my ex.


Have you ever regretted cosigning a car loan for your ex?

Yes, I have regretted cosigning a car loan for my ex.


Does home loan modification effect your credit score?

No. Neither requesting, nor receiving, a home loan modification of your mortgage will have any impact whatsoever on your FICO, or credit score. Making payments on time affects your credit score. See more:


How does cosigning for a car loan affect your credit?

No.


Does your credit score drop after cosigning on a loan due to the amount of the loan?

Yes.


What is a military modification of a home loan?

it is called a military school


What is a modification on a home mortgage?

A home mortgage modification mean, "a change in already approved home loan either in interest rate or in its duration etc". Recently Obama administration has modified some 500,000 home mortgage loan.


Who can provide Loan Modification Success?

No one can guarantee that your home loan modification will be a success. It ultimately depends on your Lender as to whether or not they choose to modify your loan. However, if you provide your Lender with all of the documentation that they require, in the manner that they need it, then your chances of a successful loan modification will be greatly enhanced.


How does cosigning for an auto loan affect your ability to get your own auto loan?

Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.


How do you get loan modification?

You have to apply to your lender for a loan modification. Some people use attorneys to make application on their behalf, and others choose to go the "do it yourself mortgage modification" route. If you decide to do your own home loan modification, make sure you get your paperwork correct. You need to know precisely what your lender requires, otherwise your application will be rejected. It may be a good idea to buy a loan modification system that can show you, step by step, how to go about the loan modification application.


How do you modify your home loan?

Modification of a loan is done with the company or institution that is holding your loan. There is a customer service number on your note to call.