Saturday, August 24, 2013

Co-Signing for a Loan

Sign Here !
“Okay,” said our good friend, “I will co-sign on this note with you so you can get this loan, but please don’t tell my wife that I am doing this.”

The more we thought about what he had said, we decided to tear up the loan papers and go another route.  Our friend trusted us so much he was willing to do this, but we could not be a part to have him not tell his wife.

What we did was request our credit union to come to our small apartment and itemize all our worldly goods to hold as collateral.

The gentleman came and wrote in his note book as he counted our pots and pans, our dishes and silverware, our stove and refrigerator that were ours and was paid for, and other items too insignificant to mention.

He said I will submit this to our loan officer, and you will hear from the credit union in a day or two if you are approved.

They approved our loan for $1000, and we were able to use the money as a down payment on our first house. 

I don’t recommend that you do this, but for us it was the seemingly only way for us to become home owners.

We let our friend know that we had destroyed the loan papers that he had signed, and he was relieved to hear that good news.

Proverbs 11:15  He that is surety for a stranger shall smart for it: and he that hateth suretiship is sure.

Proverbs 17:18  A man void of understanding striketh hands, and becomes surety in the presence of his friend.

Hebrews 7:22  By so much was Jesus made a surety of a better testament.


1 comment:

Floyd said...

I like the attitude. One for not allowing your friend to do something behind his wife's back, but mostly for taking "no" for an answer. If there is a will there is a way... especially if it's in our Father's will. I hawked a Chevy Monza for a loan to buy a travel trailer, my first home. What a kick I get out of your stories that remind me of some of my own that have gone missing! Thanks, Hazel.