My Cosigner Defaulted on Their Loan. Now What?

So you agreed to cosign a loan for a friend or relative, but they couldn't keep up with the payments. Regardless of whether you co-own the property or help out with the payments, you now have to pay the full amount due each month to prevent your credit score from taking a hit. You probably won't get out of this without paying something, but there are some steps you can take to minimize the damage.