Expert: Bobbi Buehl - 3/12/2008

Question
I know I know I know......I co-signed for a man...that I was engaged too. I thought it would last and I was doing him a favor. Anyway, is there anything that I can do to protect myself say, if he doesnt pay? What should I do now? Is there ANYTHING that I can do? Im desperate.

Answer
Miranda,

Truth be told, there is nothing you can do to get out of the loan you
cosigned on, except call the bank the has the loan and asked to be copied at correspondences that has to do with this loan. You never said what kind of loan you cosigned on, but if its a mortgage, I would watch it closely! Also, you might try, if you haven't already, asking said man to refinance it himself. He might be able to do a refinance through an FHA loan, which takes some credit issues.

If none of that works, like I said, talk to the bank about copying you. Also, you might want to watch the loan history monthly and if he gets behind, or close to 30 days, move into the house and refuse to leave......

Thanks, and good luck!!

Bobbi