MetalStorm wrote:
traptunderice wrote:
noodles wrote:
I want to have a heart but hey she cosigned and that's basically what it means to cosign.
I think the argument that she could make is that it seems as if she makes less post-death than before and so her finances aren't the same as when she agreed to take on the loan. Basically, that would just lead them to restructure the payment to suit what she can afford, but it takes a kidney or a firstborn to pull that off.
That's not the fault of the loan company(or whoever loaned him the money)though. If they want to do that on a moral standpoint than that's their prerogative but if not than they still have a right to pursue the loan regardless of the circumstances of the cosigner.
They have the right to pursue the loan, but she can't pay what she can't earn and afford.
This points to an issue I have with Obama. The fucker had a chance to rewrite lending legislation and instead he reinforced the status quo in writing. When a bank loans an offer, they do research on what the person can afford. They are taking a risk that that person will continue you to be able to afford that loan. The big problem is when people could no longer afford those loans because of jobs or whatever. The investment that the loan made goes belly up in those situations. In this situation in particular. They took the risk in order to make a quick penny via interest and it failed. However, Obama wrote into law that the risk falls solely on the lendee. If I take a loan out, it is my responsibility to ensure that I always have the money to afford it coming in, regardless of the structural conditions of what jobs are available in the future that I have no control of. The bank is not responsible, and if too many citizens are fucked over by the system and lose their incomes, the govt steps in to bail out the banks. The banks can only win by giving out loans. They have no reason to be responsible about their lending practices. Let the fuckers fail for their volatile activities.
I'll take a gander and say that they didn't check her income at all when she co-signed to see whether she could afford if he dies. I bought a car once and that was how it was. My mom's name just needed to be on the title. She was under bankruptcy and it was illegal for her to put her name on it, but they wanted her on it anyways regardless of what she could afford.
Just so they could have somebody to go after if I fucked up.