2006-10-12 21:57:28 · 6 answers · asked by pix_e 1 in Business & Finance ➔ Personal Finance
if they don't have money to pay that will be your responsibility to pay that bill,don't do it, if bank doesn't trust them and they big company why should you, i always tell my Friends,when you do something like that you will loose a Friend,this way i will keep my money,
2006-10-12 22:04:17 · answer #1 · answered by kitty 4 · 0⤊ 0⤋
Being a guarantor for a home loan is 100% risky. If the person who is taking out the loan is unable to guarantee it themselves, the loan company doesn't trust them. Neither should you.
That applies even if it is your son or daughter - what they do or say, how they run their lives and finances, are a total mystery to you. What you see on the outside is not necessarily what is on the inside.
That is how con artists lull people into a false sense of security. My advice to you is do not touch such a loan with a bargepole.
Especially so for a property in Spain - there have been all sorts of legal problems and more may emerge in the future.
If you go ahead and get your fingers burnt, remember: Essex Ron told you so.
Regards.
2006-10-13 05:05:10 · answer #2 · answered by Essex Ron 5 · 1⤊ 0⤋
Very risky for you to even consider doing something like this at all. For one thing be prepared to pay the loan yourself if the person you would do this for because being to far from Spain you just couldn't pick up and drive there to see why this person decided not to make payments and like I said you would then have to PAY for it yourself and unless you are so rich that money doesn't matter to you at all, reconsider doing this for anyone at all.
Your credit could go right down the toilet so fast and there wouldn't be a darn thing you could do about it either.
I'd say for you not to do anything but sit back and let someone else do this if they really want this home at all.
If they had good credit they wouldn't need you for this so rethink this matter, okay.
2006-10-13 05:10:10 · answer #3 · answered by fedupmoma 4 · 1⤊ 0⤋
King Solomon in the book of Proverbs talks about this five times. At least. (Look for the word "surety." - Prov. 6:1-3, 11:15, 17:18, 20:16, 27:13). Next thing you're going to be doing is crying!
2006-10-13 05:20:02 · answer #4 · answered by shirleykins 7 · 0⤊ 0⤋
If they don't repay the loan, the lender will want you to repay it. If neither of you do, they will repossess the house (if it's in the UK - if it's in Spain, they'll probably not bother). Any loss they make is then down to you personally.
2006-10-13 05:01:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You are liable to pay if they don't ..and if you don't ..you will lose every thing you own to pay for the debt
2006-10-13 05:05:07 · answer #6 · answered by JJ 7 · 0⤊ 0⤋