what can happen to me?
2007-01-21 13:59:07 · 7 answers · asked by bravofolch 3 in Education & Reference ➔ Financial Aid
ok this is for my grandma's case she has NO PROPERTY NO NOTHING SHE HASNT WORKED IN THIS COUNTRY and she is a US resident so wat can happen to her?????
2007-01-21 14:04:16 · update #1
A lien against your paycheck or any monetary holdings can be placed, or you can even be taken to court and see some jail time.
Edit: Read the above. Jail time.
2007-01-21 14:02:37 · answer #1 · answered by marklemoore 6 · 0⤊ 0⤋
In most states, if the borrower misses a payment, the lender can come after you first, without trying to collect from the borrower.
You can be required to pay late fees or attorney fees.
You can have your wages garnished.
You can lose any property you pledged against the loan.
You can be sued.
They can (and will) report it on your credit report and it will - over time if it happens more than once - negatively impact your credit, thereby making it harder for you to get credit when you need/want it.
Also, as a co-signer, even though the credit was extended to another party - their loan is a liability against you when creditors calculate your debt to income ratio. So even if the person you co-signed for pays their bill on time every time, it can affect the amount of credit a financial institution/creditor will ultimately extend to you.
2007-01-21 22:10:02 · answer #2 · answered by Marvelissa 4 · 0⤊ 0⤋
You can lose your liquid assets, fall into bankruptsy and any other penality your state allows for failure to pay debts.
By signing as a co-signer on a student loan, you are responsible if the student doesn't pay.
Do NOT sign unless you are certain of the character and ability to repay the loan of the student.
2007-01-21 22:04:08 · answer #3 · answered by College Advisor 3 · 0⤊ 0⤋
anytime you cosign for anything it means if they don,t pay you are liable to pay off that debt...It can destroy your credit and sometimes they put leins against your property or things that you own....I would not even co-sign for anyone unless i knew for sure they are good pay,if there is any doubt whatsoever I would not do it...They can do the same thing to a co-signer as they can the one taking out the loan
2007-01-21 22:28:46 · answer #4 · answered by slickcut 5 · 0⤊ 0⤋
The bank will come after their money from you or get a judgement in court against you and garnish your wages if you don't take on the payments.
2007-01-21 22:03:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
this site has the answers you are looking for
http://www.thestudentloanconsolidationguide.com
2007-01-23 16:11:13 · answer #6 · answered by pete09301971 2 · 0⤊ 0⤋
you're liable. You co signed.
2007-01-21 22:02:06 · answer #7 · answered by Anonymous · 0⤊ 0⤋