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Cosigners: Can You Ever Break That Commitment?

Thursday, January 24, 2013 - 8:11 AM
From Bankrate via Yahoo Finance:
More than a decade ago, I co-signed an $18,000 loan for my son's fiancee. Her parents had stopped giving her money, so I stepped in to help. It was a major mistake! She later dumped my son and is now married to another man. I'm no longer in contact with her.    

[...] Recently, I received a letter from the company saying it had not received last month's payment and that one of us needs to make that payment in order to keep our good credit rating. I am 63 and self-employed. I have no money to spare. The only thing I do have is a top-notch credit rating, which is now threatened. Do I have any legal recourse?

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Moral of the story:  Cosign on a loan only if you are prepared to make every single payment. 
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