By:Drew Miles In my opinion, if you co-sign a loan with a family member or a friend, you’re looking for trouble. Granted, if you want to help your child buy his first car, you may need to co-sign because the child does not have credit history yet. The danger is that if your son makes a late payment, the bank will come to you to pay it off. Be extremely judicious who you co-sign for. Because of the risk that another person could damage my credit, I will never co-sign for a friend or family. It’s not homework, it’s an assignment Outline the following; read these documents and understand every clause. There’s good and bad risk. Make sure you have the skill set to take a calculated risk? 1. home mortgage(s) 2. credit card agreements and statements 3. car loans or leases 4. insurance contracts Get answers to these questions: Do I understand the rules of this contract? Do I understand the amount of risk I’m taking by agreeing to this contract? Do I understand tax laws surrounding the contract? Does the contract fit my priorities? Forget whether you think you deserve it (because you probably do)—can you afford it? Can I afford to lose all or part of my money by engaging in this contract? Article Source: http://www.dailynewarticles.com During my years of law school, I completed an internship with a New York Supreme Court Justice and second legal internship with a law firm and also began investing in real estate. Immediately upon graduating law school and passing the bar exam, I opened my own law practice. From 1988 to 2001, I practiced with my partner under the name Miles and Gillard, where I concentrated in the area of real estate and business law. Drew Miles Find Out More: www.americantaxreliefonline.com More Articles from Loans Category: Student Loan Refinance And Its Value To Students Refinancing Home Mortgages to Extend Your Term The Advantgaes of Refinancing A Home Mortgage Bad Credit Auto Loan Refinance For You Various Aspects of Refinancing Refinance Your High Interest Current Mortgage Multifamily Refinancing, The Right Choice for You Refinance Loan Options And Know-how Streamline Refinancing Refinancing or Home Equity Loan: Which Way to Go? Re-Refinancing is the New Theme Refinancing Home Equity Loans The Need For Mortgage Guarantee Insurance Getting Financing From Banks For Real Estate Investing Steps For Those With Bad Credit To Obtain Small Business Loans