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Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
Wiki User
∙ 8y ago
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Wiki User
∙ 8y ago
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Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
Can a co-signer call for payment in full if the loan is not being paid?
The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan.
Does a cosigner have rights to a vehicle?
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
Is a cosigner responsible for a debt if the signer has missed more than three payments?
When you co-sign a loan, you are promising to pay off the loan in the event the primary borrower isn't able to. When you co-sign a loan, that loan appears on your own credit history too. (As such, it may limit your own ability to get a loan for yourself. For example, while you may co-sign a loan for a friend's car, you may not be able to get a loan for your own car afterwards. ) So, YES, as the co-signer you will be responsible for any missed payments by the primary borrower. After three missed payments the bank may not pursue you right away, they may continue attempting to get a payment from the primary borrower. However, some banks in some states contact the co-signer after only the first missed payment. While the time period or the bank's exact process may vary, if the primary borrower is missing payments, then it's only a matter of time before the bank does require you to pay. Several studies I have read show that close to 75% of co-signed loans go into default at some point and end up being paid by the co-signer. After all, that is exactly what you are promising to do when you sign on the dotted line. Good luck!
My exwife didn't pay for car loan tow company got car do i have to pay as a cosigner if car is gone?
As a former banker, I was often asked this type of question. A cosigner is a person who is legally obligated to the lender (usually a bank or a finance company) to repay a loan that may, or may not, have benefited the cosigner. By signing the loan documents, the cosigner assumes equal and full responsibility to repay the loan. Note the term 'equal' - most financial institutions make no distinction between who signs the contract first or second, both parties are equally responsible. Where the car is or who has possession of it makes no difference. The loan contract is between the borrowers (yes, the cosigner is a borrower) and the lender. Should the loan go in to default (payments late, missed, or completely in default), no matter what personal agreements the cosigner had with the primary borrower about who should make the payments or who has possession of the car, the financial institution will make attempts to collect from both parties and report that information to the credit bureaus where it will impact equally both the primary borrower's and cosigner's credit history, credit score, and affect each party's ability to obtain credit in the future.
How many payments missed on bank loan before calling co signer?
It depends on the bank but generally one missed payment is enough to call the cosigner
Would it be better for the parents to be the borrower rather than the cosigner for their kids on a refinance?
You should understand that if you co-sign a loan then you will be responsible for payment if the borrower defaults. Your credit will be affected by any late or missed payments because you will be held legally responsible for the loan in every sense. It sounds like you may be inquiring about a mortgage refinance. The borrower will be the owner of the property. The co-signer is the volunteer who guarantees the loan will be paid.
Can co-signing a car loan affect your credit score?
It can have a negative effect if the primary borrower doe not make their payments on time. When you co-sign for a loan you are making a guarantee to the lender that the loan will be paid. If you decide to co-sign for someone else you need to make sure you can pay the loan if they stop making payments and you should also make certain the payments are being made on time. Late payments and missed payments will be reported to your credit record as well as that of the primary borrower.
Can a co-signer take the primary borrower to small claims court for missed payments?
That depends on the stipulations of the contract and the laws of the state you reside in. In most cases, the co-signer can use litigation to recover any money they have spent to cover the debt.
If a co-signer has taken possession of a vehicle because the borrower became delinquent is the co-signer now responsible for all payments on the car?
If the primary borrower has defaulted on the vehicle loan, the co-signer will need to make regularly scheduled payments and any that have been missed. If the co-signer is unable to do this, the vehicle may be repossessed by the lender. In which case both the primary borrower and co-signer will be responsible for any deficiency and fees incurred when the vehicle is sold. The repossession will also appear on both person's credit report. It would be advisable to contact the lender to discover what options might be available pertaining to the specific circumstances.
If im making payments on your carand you have a co-signer when you pay the car off can the co-signer take the car?
No. A cosigner is basically a "lender of money." The cosigner is actually taking out the loan and is responsible for paying that debt off should the person the loan is for defaults. If you haven't missed any payments (more than two) and have paid the debt off then the car is yours to do as you want with it. Marcy
Can the mortgage company at any time take your home away if you are still making payments after bankruptcy?
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
