Cosigning on a home loan

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      C) cosigning an account is a big liability and should be taken seriously. D) cosigning on a loan can restrict the amount that the cosigner is able to borrow. Answer: B. Diff: 2 Page Ref: 229. Question Status: Existing/Old 26) Common practices used by dishonest lenders include all of …

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      Term Loan. Line of Credit Farm home, crop production, equipment, land, working capital Bridge Loans Bridge Loan Provide transitional financing for new home purchase. Commercial Loans Mortgage. ... Review and cosigning of debit journal voucher General manager (or designate) 10) Loan advanced per debit journal Loan clerk 11) Loan recorded in ...

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    • Chapter 05 Consumer Credit: Advantages, Disadvantages ...

      Cosigning a loan makes you as responsible as the other party for repayment so it’s a large responsibility not to be taken lightly. The cosigner guarantees the debt and will have to repay it if the borrower does not. If you are considering cosigning a loan, be very clear about this and be sure you want to accept the responsibility. Ask yourself:

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      Often arises in cases of people cosigning or indemnifying a loan with a bank. Courts may imply constructive knowledge on the part of the bank that the contract was not being entered into freely, which implies that they should have taken more steps to ensure the contract was being entered into freely.

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      When you build a home, you need to lay a good foundation because the entire home will rest on it. ... Cosigning: Cosigning is a risky business. Anytime you cosign, you become legally responsible for the debt of another. ... If you have credit card debt, car loan, student debt, or a mortgage… D. escri. b. e.

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      49. (p. 162) If you are a cosigner for a loan and the debt is not repaid, then that fact will appear on your credit report. TRUE Bloom's: Knowledge Difficulty: Medium Learning Objective: 5 Topic: Cosigning a loan 50. (p. 171) You should keep a record of your credit card number separate from your card. TRUE

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      Thanks to the lessons she learned from Dave Ramsey, Janet M., a single mom from Gorham, ME, nixed her daughter’s first choice of school because of its high price tag. “I would have ended up cosigning a loan for $50,000 this summer,” she said. Her daughter instead accepted a merit scholarship to attend a …

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      : By cosigning a loan, I am helping out a friend or relative. Truth: The bank requires a cosigner because the person isn’t likely to repay. So, be ready to pay the loan and have your credit damaged because you are on the loan. MYTH #3

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    • Risks of Cosigning Someone's Home Mortgage Loan | Nolo

      32 Cosigning is Serious Business. Cosigning a loan for someone else may be one of the toughest decisions you’ll make in your financial life. A cosigner agrees to be a second party to a debt by guaranteeing that it will be paid. If the signer doesn’t pay the debt, the cosigner becomes responsible for it.

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