Has any one had to do this how should we proceed this?? we need about 30K to compensate off the second debt so we can refinance (my credit is poor). Can any one assistance or give suggestions…..I am fearful he will contend no as well as we will have to sell???
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You got yourself in to this situation due to a lack of discipline. I know you probably have a dozen excuses as to why it’s not your fault. The thing is you’re expecting for a family member to take on your " bad luck ". If you care about the other person you’ll find another solution.
Maybe you will have to sell. That is your problem to solve not theirs. Don’t jeopardize a relationship for a short term fix.
If you haven’t done the things you need to do such as learning to live on a budget and making sacrifices in order to pay your debts and restore your credit, what makes you think things are going to get better? The only way they will get better is for you to change.
Getting someone to co sign another loan isn’t the right kind of change. You are just looking for a quick painless way out. You won’t learn a thing by that and are expecting someone who has done everything to have good credit bail you out.
You realize you are asking them to pay off the loan if you don’t. What do you think co signing is? It’s not just a signature, it’s a promise to take responsibility for the debt if you don’t.
This is a BIG question to ask someone. You may have to consider the possibility that you may have to sell. Especially if your credit is already low, I’m not so sure that you could get someone to co-sign for you. They may not want to hurt their own credit and given the way the economy is right now, that may be hard thing to tackle.
I do wish you luck though, I understand and feel for your situation.
Infortunately, loans are not easy to get right now. All the requirements are changing. Even with a co signer with perfect credit, you may still be denied. You can simply ask. The worst they can say is no. But remember this will affect both of your credit. If you get approved it’s both of youur credit and if you get denied its a big inquiry on both of your credits.
Good luck
More than likely, he will say no. Being a co-signer is taking on a big responsibility and with you are ready having bad credit, will make a person think twice. Don’t be upset if he says no because if you ditch your responsibilities to a loan, it will fall on him and unless you were my child, living in my home, I wouldn’t take a chance either—Sorry