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A co-signer takes on all the rights and responsibilities of a loan along with the borrower. This means that if the borrower can’t make a payment on the loan, the co-signer is responsible.
Benefits of cosigning. Drawbacks of cosigning. You can help a loved one qualify for a loan. You assume full liability for payments and late fees if the main borrower falls behind or files bankruptcy
Also here’s how to get out of being a co-signer on a loan. For You: 3 Signs You’ve ‘Made It’ Financially, According to Financial Influencer Genesis Hinckley
If the joint account is a survivorship account, the ownership of the account goes to the surviving joint account holder. Joint survivorship accounts are often created in order to avoid probate. If two individuals open a joint account and one of them dies, the other person is entitled to the remaining balance and liable for the debt of that account.
Your co-signer must be willing to assume equal responsibility for the loan without being able to access the funds. They must also be able to support the cost of the loan on their income.
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