Does cosigning for someone affect housing?

i have good credit card, just trying to help someone finanance for a car.
Answer:
Bascially what happens is if the person you co-sign for doesn't pay their car note, you are responsible for payment. If no one pays, and the car gets repossessed, your credit will be screwed!

Don't do it, unless you know this person really, really well and you are positive that they pay their bills on time.

---

whatever does that have to do with housing? your question is what exactly?

---

IF you do this - you have lost your mind! If the person you are planning to co-sign a loan for fails to make the required payments, then that responsibility falls to you! I have personal experience with that and it isn't a very pretty responsibility. In my case, I was forced to file Chapter 7 Bankruptcy in order to keep the creditors away from my assets. Don't do it unless you trust the person you are co-signing a loan for and even that is NOT a good situation! If you doubt what I say, contact an equity/bankruptcy lawyer and they will tell you the same thing!

---

To answer your question, the only way it would effect housing is that your debt will increase.

When you co-sigh for someone on any loan you are guaranteeing the payment if they default on the loan.

Unless you know this person extremely well, I would think twice about this. I look at credit every day and not a week goes by that I don't hear "That's a loan that I co-signed for and the other person did not make the payments".

If you do decide to go ahead and do this you might want to consider having the statements sent to you so the other person can pay you and you can pay the lender. This way you will be sure that the payments are made on time and your good credit is safe.

---

Spifiman is right. Even if the other party never misses a payment and it's all good, it still affects your debt-to-income ratio and could possibly be a problem for you in the event you need to finance something else for yourself before that loan is paid off. It all depends on your individual situation. Personally, I would never do this for anyone other than my spouse or parents, but luckily I don't need to.