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It is not a second loan, it is someone else to pay up 'IF' Michelle defaults. If they agreed to make the loan without you co-signing there is no reason for you to do it. Plain and simple.
You CAN do it if you want, and it will likely make no difference. Michelle will pay off the loan as scheduled and you'll never see any ill effects. But you shouldn't let the bank jerk you around. My guess is they made a mistake, an oversight, and they are trying to clean up the paperwork, or improve their position after the fact.
Why should you accept a risk without compensation?
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