Friday, May 24 2013 10:46 AM EDT2013-05-24 14:46:44 GMT
(RNN) - A deadly tornado ripped through Moore, OK, killing 24 people. The EF-5 tornado had wind speeds of at least 200 mph and was roughly two miles wide. Among the dead were children who took shelterFull Story >
A deadly EF-5 tornado, a murder suspect with links to the Boston bombing suspects and a British soldier brutally killed by alleged terrorists dominated headlines this week.Full Story >
Friday, May 24 2013 10:43 AM EDT2013-05-24 14:43:18 GMT
A 19-year-old Clifton resident was arrested on Wednesday for aggravated burglary and numerous counts of drug possession. According to the Cincinnati Police Department, Kyle "Lucky" McNamara was armedFull Story >
A 19-year-old Clifton resident was arrested on Wednesday for aggravated burglary and numerous counts of drug possession.Full Story >
Dan Sligh and his wife were in their pickup truck on Interstate 5 heading to a camping trip when a bridge before them disappeared in a "big puff of dust."Full Story >
A truck hauling a too-tall load hit an overhead girder of a bridge on the major thoroughfare between Seattle and Canada, sending a section of the span and two vehicles into the Skagit River below, though all three occupants...Full Story >
Kia Crittenden offer a offers an iced fruit punch and bloody mary mix that could serve as a cure for your hangover.Full Story >
In this economy, it's a common plea: family members begging you to co-sign a loan.
Your heart wants to say yes. But your mind is probably saying, "Hold on!" And for good reason.
Money managers say you should think twice before signing on the dotted line.
That simple signature could put your family's entire financial future at risk.
When Nicole's friend couldn't secure a student loan on her own, Nicole wanted to help. So she agreed to co-sign.
"I thought, if I could help someone get their education I should," Nicole said. "And I didn't ever foresee there being a problem with it."
Little did she know her friend would stop paying and the creditors would come after her instead --- garnishing her tax returns and ruining her credit.
"Never in a million years dreamt that somebody that I trusted would move away, stop making payments and not even bother to return my phone calls," Nicole said.
But it happens a lot more than most of us would think, thanks to our current economy.
According to the FTC, on certain types of loans, as many as three out of four borrowers now default on their obligations leaving the co-signer stuck with the bill.
"You need to keep in mind that you're being asked to take on a risk that a professional lender will not take," said Malian Mithal of the Federal Trade Commission.
The FTC recommends that you remember you're acting as more than a reference when you co-sign. You're technically acting as a co-borrower.
"If you don't have the funds to repay the loan they can take you to court, they can seize your possessions, they can garner your wages-they can even add on late fees and attorneys fees for the cost of the loan," said Mithal.
And remember: even if they don't default, co-signing will still impact your credit.
"It will look like you have a larger amount of obligations than you really have for yourself and it might hurt your ability to take on credit that you need for yourself," said Mithal.
Credit expert John Ulzheimer says if you are considering co-signing for a friend or family member you need to have a serious talk beforehand.
"I would ask them to provide you with a copy of their credit report so you can see if they are meeting their other loan obligations," he said. "And second I would absolutely ask them what kind of income they're currently making and what kind of stability do they have with their employer."
And keep checking-in after the loan is secured.
"You're going to want to start pulling your credit reports very frequently to ensure that the lender is receiving payment every single month and that they're reporting that it's being paid on time every single month."
Mithal adds, "You also can ask the lender to let you know any time the borrower defaults on any kind of payment...even one payment. So that you're not taken by surprise and you can deal with the situation as it's happening as opposed to when the entire loan goes into default."
And if the worst does happen, be prepared to take over the payments.
"You have to think about whether you can repay the loan yourself," said Mithal.
As for Nicole, the government garnished part of the debt and her friend finally paid back the loan. But it'll be years before her credit recovers.
"It's very frustrating to have bad credit as a result of someone else's mistake," she said.
Here's another possible solution: Skip the co-signing and offer a financial gift to your loved one instead. It can help them qualify for the loan or make monthly payments easier. And you may be eligible to get a tax benefit from the gift.
Thursday, May 23 2013 10:17 PM EDT2013-05-24 02:17:47 GMT
Heads are starting to roll at the IRS. A day after pleading the 5th and refusing to testify before Congress, Lois Lerner, the IRS Director of Tax Exempt Organizations was placed on administrative leaveFull Story >
A day after pleading the 5th and refusing to testify before Congress, Lois Lerner, the IRS Director of Tax Exempt Organizations was placed on administrative leave Thursday. We have learned more about Lois Lerner's connections to Cindy Thomas, the highest ranking Cincinnati employee in this IRS division.Full Story >
Friday, May 24 2013 9:13 AM EDT2013-05-24 13:13:57 GMT
A man was found shot to death in Over-the-Rhine overnight. It was just before 3A-M when Cincinnati dispatch received a call about a man bleeding from the head near the intersection of Goose Alley andFull Story >
Cincinnati police have released the name of a man who was shot and killed early Friday morning in OTR. Full Story >
Tuesday, May 21 2013 10:31 PM EDT2013-05-22 02:31:55 GMT
The claim that the ongoing IRS scandal is limited to low level employees is falling apart. The six Cincinnati workers we have identified, who sent scrutinizing letters to conservative groups with wordsFull Story >
The claim that the ongoing IRS scandal is limited to low level employees is falling apart. Full Story >
Friday, May 17 2013 7:16 PM EDT2013-05-17 23:16:53 GMT
One person has died in a crash near Harrisonville, MO, Thursday evening. The crash happened on Missouri Highway 7 and Walker Road. It involved a car and a tractor-trailer. Harrisonville is in Cass County.Full Story >
Savannah Nash celebrated her 16th birthday last week. She died Thursday when her car slammed into a semi while she was texting during her first time driving by herself.Full Story >
Friday, May 24 2013 6:32 AM EDT2013-05-24 10:32:47 GMT
Cincinnati police are looking for a pickup that hit a police cruiser in Avondale. It happened just before 4:00 Friday morning. Police say the truck hit the cruiser, an unmarked SUV, at Reading and Victory. ThereFull Story >
Cincinnati police are looking for a pickup that hit a police cruiser in Avondale.Full Story >
Friday, May 24 2013 9:20 AM EDT2013-05-24 13:20:42 GMT
An Ohio police officer and his wife face aggravated child neglect charges after their young children were left unsupervised in a truck outside a Panama City Beach bar. Bay County Jail officials say 35-year-oldFull Story >
An Ohio police officer and his wife face aggravated child neglect charges after their young children were left unsupervised in a truck outside a Panama City Beach bar.Full Story >