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Originally Posted by disneysteve
Seeker, for the purposes of this question, does it matter to OP if the mother is a co-signer or co-owner if her credit worthiness deteriorates?
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DS, if Mom were a co-signer.... she could not add to the debt at all. Mom's situation would not affect OP whatsoever. Lenders do not go to a co-signer unless there's a problem with collections with the owner.
OP worded the original posting both ways and you all were answering as if it would affect daughter, and that's why I got confused.
But ultimately, the OP is not talking about her own account. She IS talking about her Mom's account.... and thus, yes absolutely, she (the daughter ) would indeed be affected if Mom were to use that account and not pay that debt.
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Would OP be affected the same either way?
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No, it's NOT the same.
A co-signer has no way to added to the debt of an original holder of the loan. Mom cannot add to the debt if she were a co-signer.
Co-owners do indeed both affect each other. It's a partnership of debts.