When you cosign, you are taking on the same burden to pay the loan or installment contract as the person taking out the loan or buying the product. If they don’t make payments, the creditor will look to you to pay, and sue you if need be. If you are forced to make the payments, you can seek compensation from the person for whom you cosigned, but getting your money back may be difficult. Think carefully before you cosign. 

Category: Consumer
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