Monday, July 28 2014 6:57 PM EDT2014-07-28 22:57:33 GMT
Neighbors struggled to make sense of the shooting deaths of a family of five in which the father was known to many throughout their apartment complex as a friendly maintenance worker.Full Story >
A maintenance worker with financial problems killed his wife and three children with a shotgun, then committed suicide, over the weekend in what state police called one of the worst cases of domestic violence in Maine...Full Story >
Monday, July 28 2014 6:57 PM EDT2014-07-28 22:57:10 GMT
Only final arguments and a ruling remain in the trial to determine whether Donald Sterling's estranged wife can sell the Los Angeles Clippers to former Microsoft CEO Steve Ballmer for $2 billion.Full Story >
A judge ruled against Los Angeles Clippers owner Donald Sterling on Monday in his attempt to block the $2 billion sale of the Los Angeles Clippers to former Microsoft CEO Steve Ballmer.Full Story >
Monday, July 28 2014 6:51 PM EDT2014-07-28 22:51:13 GMT
Israel and Hamas have lowered the pace of the fighting in the three-week-old Gaza war as international efforts intensify to end the conflict that has already killed 1,030 Palestinians and 43 Israeli soldiers.Full Story >
Signaling an escalation of Israel's Gaza operation, Prime Minister Benjamin Netanyahu told Israelis Monday to be ready for a "prolonged" war, and the military warned Palestinians in three large neighborhoods to leave...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.
Monday, July 28 2014 2:07 PM EDT2014-07-28 18:07:25 GMT
CINCINNATI, OH (WXIX) – A FOX19 investigation's uncovered millions of tax dollars lost to failed loans to dozens of private businesses across the city. Our investigation found the city's forgiven moreFull Story >
A FOX19 investigation uncovered millions of tax dollars lost to failed loans to dozens of private businesses across the city. Our investigation found the city's forgiven more than $13 million in loans since 2005 and plans to forgive more in the future.Full Story >
Monday, July 28 2014 4:48 AM EDT2014-07-28 08:48:16 GMT
A man was airlifted to the hospital late Sunday night after a pedestrian-involved crash. Police are investigating the hit and run reported just before midnight in Butler County. Officials say a pedestrianFull Story >
A man was airlifted to the hospital late Sunday night after a pedestrian-involved crash.Full Story >
Monday, July 28 2014 5:34 PM EDT2014-07-28 21:34:58 GMT
A homicide victim has been identified after leading a police on a low-speed chase Saturday. According to court documents, Christopher R. McFerron was arrested after he fled from police on InterstatesFull Story >
A man has been arrested after leading a police on a low-speed chase Saturday.Full Story >
Monday, July 28 2014 1:25 PM EDT2014-07-28 17:25:24 GMT
The Cincinnati Bengals announced Monday that Papa John's will become the official pizza of the team. The pizza will now be served at Paul Brown Stadium and fans will be able to take advantage of giveawaysFull Story >
The Cincinnati Bengals announced Monday that Papa John's will become the official pizza of the team.Full Story >
Monday, July 28 2014 11:19 AM EDT2014-07-28 15:19:36 GMT
The Colerain Police Department is seeking the public's help in identifying the suspect in a bank robbery reported last May.Officers were dispatched around 2:15 p.m. May 22 for a U.S. Bank robbery at 9430Full Story >
The Colerain Police Department is seeking the public's help in identifying the suspect in a bank robbery reported last May.Full Story >
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