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Co-Signing Contract

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Michigan

A friend has requested that I co-sign a contract for him,
his credit doesn't meet the needed standard. The person
told him if he get's a co-signer he can make his purchase.
Can a person co-sign for only a limited time, or if I do
co-sign am I responsible forever until this debt is paid???
Thanks For The Help. :confused:
 


I AM ALWAYS LIABLE

Senior Member
whitelight said:
Michigan

A friend has requested that I co-sign a contract for him,
his credit doesn't meet the needed standard. The person
told him if he get's a co-signer he can make his purchase.
Can a person co-sign for only a limited time, or if I do
co-sign am I responsible forever until this debt is paid???
Thanks For The Help. :confused:

My response:

Three Rules to follow when co-signing:

Rule 1. Don't do it.

Rule 2. Don't do it.

Rule 3. Read Rules 1 & 2, above.

IAAL
 

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