My daughter just did a very, very stupid thing. She cosigned for a loan with her boyfriend. A 10,000 dollar loan, for a car, no less. (She drives a $500 Camry)
I pay for her insurance, both car and health, and we cosigned for her first student loan. (She has two of them now).
Now that she is tied to him through this loan, I am afraid that we, her parents, are now tied to him as well. If he defaults on this loan, and she is not able to pay it off, will they come after us?
Can I lose my home because of my daughter's stupid mistake?
2007-02-24 11:06:15 · 10 answers · asked by Chris O 1 in Business & Finance ➔ Credit
How long has she known this guy? It's amazing how many women will co-sign for their boyfriends yet so few men will co-sign for their girlfriends.
2007-02-24 17:50:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The only thing you are on the hook for is her first student loan you cosigned for. Beyond that, creditors cannot come after you for her debts that you did not sign for. Her second student loan and her boyfriends car have nothing to do with you.
2007-02-24 19:23:25 · answer #2 · answered by Brian G 6 · 1⤊ 0⤋
No, your daughter's cosigning on the BFs loan in no way impacts you legally, but it will cost you emotionally (and financially, if you choose to help her out). You need to have a SERIOUS talk with ur daughter and let her know the ramifications of her answers. And, you need to let her suffer the consequences, if he goes DEBUNK on the loan. I know it would be hard, but this is the only way she is going to learn responsibility. Her actions prove that she has not learned to make smart choices yet.
2007-02-24 19:11:56 · answer #3 · answered by TwinkaTee 6 · 3⤊ 0⤋
For the loan with him, no they can't as long as you didnt sign it as well. If she defaults on the student loan, however to pay on the car loan then YES.
2007-02-24 19:09:09 · answer #4 · answered by Betsy 7 · 1⤊ 0⤋
They will not come after you for the loan she cosigned with her boyfriend. They will come after you if she defaults on the loans you cosigned with her.
2007-02-25 00:59:10 · answer #5 · answered by Mariposa 7 · 1⤊ 0⤋
No. She cosigned for the loan not you.
You have no legal tie to that loan.
However, your daughter may come begging for help if he defaults. And the reality of it is you probably may need to help her out of it.
Hopefully, he is a good boy and keeps making his payments.
It is only 10k how bad can it possibly get.
2007-02-24 19:12:45 · answer #6 · answered by Esperenza 3 · 1⤊ 0⤋
I think they would only do that if your daughter uses the money she normally would pay on her student load to pay his bills. If she doesn't pay her student loans, then yes, they can come after you. If her student loans are already paid off or if she pays her student loans, then no, they cannot.
2007-02-24 19:14:52 · answer #7 · answered by ♥Catherine♥ 4 · 1⤊ 0⤋
You aren't responsible for her debts, but you are responsible for who's driving her car. He's probably too good to be seen in a $500 Camry, though.
2007-02-24 19:10:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Not nescessarily. What would probavly happen is that the responsibility for your daughters loans woukld fall to you and that she would destroy her credit. Outside of this it should have no immediate effect on you.
2007-02-24 19:10:23 · answer #9 · answered by James J 2 · 0⤊ 0⤋
Yes very much so.
2007-02-24 19:09:01 · answer #10 · answered by Duke 2 · 0⤊ 3⤋