Sometimes its not always best to take what people give you, there are strings attached.
As to why they continue to give you loans….they only die when you die. They aren’t bankruptable (if that is a word), they can garnish for repayment without the regular hassle another creditor would encounter, Federal tax returns are encumbered when you fail to pay. The terms stretch out sometimes as much as 30 years, but can, like I said at first, go for a lifetime. Why wouldn’t they give you the money when you could potentially be their slave for the reminder of your natural life.
Please don’t take this the wrong way, but isn’t it the responsibility of the borrower to FIRST determine if they can afford a loan and then apply? There should at least be a dollar amount they know they can/can not afford. Lenders are NOT personal finance advisors.
I’m really confused as to why you would have agreed to cosign a loan not only once, but twice, knowing that you would have difficulty repaying it?
I’m sorry, but I don’t understand why it’s the lenders fault that they approved a loan you applied for but didn’t think you should qualify for.