“Co-signing for Children can be Very Expensive”

      “Co-signing for Children can be Very Expensive”

 

 

Joe,

If you think it's a good idea to wait another 6 months and let my scores go up we can do so. Whatever you think is best we will do. My daughter will be giving me the money to pay her car note moving forward.

I appreciate all you have done and continue to do for me.

Anita

 

Four late car payments by the daughter took Anita’s credit scores from a 701 to a 572. She had no clue that this even happened so when she came to me for a mortgage I could not accomplish the goal.

 

The solution was to have Anita make the payment and the daughter pay her. This will insure that the payment is made every month. I will rerun her credit in 6 months to see where we are. Hopefully in that time frame her scores have at least gotten to the mid 600’s.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 6 commentsJoe Petrowsky • November 02 2017 02:05PM

Comments

Good morning, Joe Petrowsky OMG.... why would any parent allow that to happen.... there was a time one of my children needed help, and I took the loan and he paid me... if he didn't, a payment was never missed.... I received the bill not him.....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) 11 months ago

Yes, co-signing for anyone can be expensive. I hope that daughter had a good talking to!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 11 months ago

Good morning Joe. Barbara had the best solution for lending your children money! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 11 months ago

I have seen many people I know of sign for the kids and end up in a mess.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 11 months ago

I have only cosigned for someone once and it turned out OK but it would not be something I would do again.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 11 months ago

When this happened in my home, we paid cash for the car, but didn't tell our daughter.  She made her payments to us for three years and then I gave her the title.  She never knew we were the bank, and I never had to worry about my credit.

Posted by David A. Weaver, 24 years helping folks finance their dreams. (Peoples Bank & Trust Co.) 11 months ago

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