Notice to cosigner of their obligations and liabilities concerning the debt they are guaranteeing.
TO: Enter the name of the person giving the notice
FROM: Enter the name of the person receiving the notice
You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn't pay the debt, you will have to. Be sure that you can afford to pay if you have to, and that you want to accept this responsibility.
You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs, which increase this amount.
The creditor can collect this debt from you without first trying to collect from the borrower. The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become a part of YOUR credit rating.
This notice is not the contract that makes you liable for the debt.