MoneyWise Live | January 10, 2019

How To "Un-Cosign"

Show Notes

It’s difficult to say what the most regrettable financial decision might be.  Investing with Bernie Madoff comes to mind. But there’s another candidate that deserves at least an honorable mention — co-signing a loan for someone else. Getting stuck paying off a loan is bad enough but more often than not it’s for a close relative or friend. Rob West never co-signs but he has these topics to discuss if you're thinking of cosigning: 

  • We get this question a lot … “I’ve cosigned on a car loan for my nephew and he’s not making the payments. What can I do?”
  • Does the Bible have anything to say about cosigning?
  • What are some ways to fix the problem if we’ve already done it?
  • What if refinancing doesn’t work?
  • What if the other person can’t or won’t pay anything?
  • What about cosigning for a spouse?

Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • If you're 73 and retired and have a mixture of Roth and traditional IRAs, money market and 403(b) accounts with different organizations, is there a good place to consolidate these accounts?
  • how do you go about teaching your children the value of money without leading them to be dominated by it?
  • You've heard the admonition regarding cosigning but should you consider cosigning on our daughter's student loan?
  • If you're behind on taxes on a rental property, should you sell it to catch up on the taxes?
  • If you need car repairs done, is a title loan a good idea at any time?
  • If you see a true opportunity to help someone by cosigning a loan and view it as your responsibility because you have been blessed, should you ignore warnings about cosigning in view of this?
  • If you put around $100,000 in a low index fund about 4 months ago and it's lost about $10,000, did you do the wrong thing?
  • If you're resigned to the fact that you might have to step in to finish a loan to someone, is offering a loan OK in that respect?
  • How do you start a budget?
  • If you're 33 and have a Vanguard 2045 fund, would it be OK if you want to transfer it to all stocks index fund?

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