What are a cosigner's responsibilities?

Answer by  Dean (4035)

The co-signer is responsible for the loan in the event the signer fails in the obligation. The loan will be reported to the credit of both the signer and co-signer, as will late payments, etc.

Answer by  patti (29325)

As the co-signer you're fully responsible for agreement/contract, whether it is a sale contract or a lease, etc. If your brother defaults (doesn't pay), the creditor will come after you to satisfy the agreement in full. The hope is that your involvement will inspire your brother to meet the obligation.

Answer by  koolmom (291)

Do you trust your brother? The cosigner of a loan is responsible for the payment of the loan if the original borrower stops paying, or defaults on the loan. I would think long and hard before taking responsibility for any debt other than my own.

Answer by  bubbyboy (9929)

The cosigner, when signing papers for a home, car or whatever, says that if the person whom he signs for can't pay the debt, he will. Being a cosigner shouldn't be taken lightly. Different states have different laws in regard to the responsibility. Some cosigners will "put up" the ir home or anything of value to the debt.