An endorsement is considered to be a writing where a person or subject acts through a response, on the conduct of another person. Its origin comes from the French "endorsement" that is usually used in the political sphere.
The term endorsement is also used as support or endorsement in a situation or event. Many times it is not necessary for this guarantee to be materialized on paper or document, but it can be expressed in words and has the same validity. As when a president endorses a position over a deputy or the endorsement is given to start a company, etc. In the commercial area, the guarantee is a signature, which is placed in a bill of exchange or some other exchange document that implies that said signer will respond for the payment if it is not made.
The characteristics of the guarantee contract include fundamental functions that present a guarantee for the guaranteed party, which can acquire the obligation in the event that the debtor does not pay the loan and the cancellation of it can be demanded. It is quite common to present an endorsement when applying for a loan in a bank, as a guarantee that the person is in a position to pay the loan. In addition to this, the guarantee is considered an obligation many times written, others not, whose purpose is the cancellation of the debt or payment if necessary, assuming responsibility in case of failure of the main debtor (in this case a lender or support).
In the case of mortgages, when the guarantee is a property, the payment of titles and credit is usually documented and it is normal for banks to ask guarantors to respond to the payment of the required installments in case the debtor is not in a position to do so. There are two types of guarantors, the pledged ones, this allows access to loans through pawn, this in the case of people who have a high level of solvency. Not pledged, these differ by the need to make deposits in advance. Many tend to confuse the endorsement with a surety, however the guarantor tends to commit to credit titles, this being essential to grant the loan in its entirety.
