Why Co-signing even for Your Relative is NOT a Good Idea

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Presentation Description

Read the story of a grandmother who cosigned for his grandson. Now she's being sued. Learn from her story and avoid this mistake. For full story read it here http://www.newhorizon.org/credit-info/removed-financial-obligation-cosigner/

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Presentation Transcript

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www.newhorizon.org Why Co-signing even for Your Relative is NOT a Good Idea

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It could be astonishing for other people to learn that co-signing for anything signifies they are willing to assume the debt should the individual they co-signed for default options.

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So this month we had a subscriber whod a credit rating in the 800s. She cosigned for her grandson on a condominium close to his school. It was in an extremely fine building with security as well as a good view.

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Now she has been sued for 8700 and believed when shes liable for anything it will just be for her grandson’s part of the rent.

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What could she have done to protect herself Insist that the landlord create another lease for her grandson and herself. That way she would have been only responsible for her grandsons part of rent and damages.

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Can they legally sue her Another thing she needs to comprehend is the lease is regulated by the state the landlord stipulates. She should assess the lease to make sure.

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Every state has distinct small claim court limits. In the state of Virginia where she resides its 5000. However the condominium is in Chicago. And so the little claims limits is 10000. Can they legally sue her

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FOR MORE INFORMATION READ http://www.newhorizon.org/credit-info/never-co-sign-grandmothers-dilemma/

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