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Does co-buyer mean the same as co-signer or is it just to show how much income is in the home?
Wiki User
∙ 8y ago
No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.
Wiki User
∙ 8y ago
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Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
If you have a cosigner on your apartment lease will your credit be affected as much as it would if you did not have a cosigner?
Renting an apartment or home will not show up on your credit. That just builds up rental history for yourself. The only time a renter will ever report you to a credit agency is if you move out with a balance that was not paid within 14 to 30 days of your move out.
Does a mortgage cosigner have to be a relative?
No, you do not have to be related. you are signing a binding contract agreeing that both of you are responsible for the payments for that mortgage loan. You will both have to provide all the information- taxes, income, debts, assets, etc. Just be careful who you are getting yourself stuck with for 30 years. :)
Is the cosigner of a private student loan hindered from getting other loans?
The cosigner of a private student loan can and will be hindered if late payments occur. Another downside to said cosigner, that is if they are in school, just like most everything else they best have the money to cover these loans in some type of colateral.
Is it possible to receive an auto loan without having a cosigner?
Sure, in fact most people do not need a cosigner to get an auto loan. The entire process is based on your credit rating, financial situation, and your income. If they are requiring you to have a cosigner, then your credit rating must be very bad or you are buying more car than you can really afford. Purchase what you can really afford and no more. Never, ever, purchase a car that requires more than 20% of you take home pay in total car payments. That is payments on all cars you own, not just the one car. Otherwise you may end up in big trouble and have the vehicle repossessed, thus ruining your credit ever farther. Live by the 20% rule and you will be in good shape.
Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
Can a mortgage company place a lien on a cosigner's home?
You bet they can. The co-signor is just as legally liable for the debt as the first signor. Yes. A cosigner is usually equally obligated for the loan, so anything they can do to one signer they can do to the other.
Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
Does a cosigner on car loan have to be licensed?
No, they just need good credit.
Is the cosigner of a vehicle responsible for the negligent operation of the vehicle?
No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.
Does your cosigner have to be present when signing an apartment lease He lives in NY and you are renting in Nevada?
It depends on the landlord. Usually, the just need SS number and photo ID, as well as pay stubs or proof of income. If this is provided, you should be fine
Can a cosigner sue the primary for the full amount of loan when the cosigner pays it off?
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
If you have a cosigner on your apartment lease will your credit be affected as much as it would if you did not have a cosigner?
Renting an apartment or home will not show up on your credit. That just builds up rental history for yourself. The only time a renter will ever report you to a credit agency is if you move out with a balance that was not paid within 14 to 30 days of your move out.
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
Does a mortgage cosigner have to be a relative?
No, you do not have to be related. you are signing a binding contract agreeing that both of you are responsible for the payments for that mortgage loan. You will both have to provide all the information- taxes, income, debts, assets, etc. Just be careful who you are getting yourself stuck with for 30 years. :)
Is the cosigner of a private student loan hindered from getting other loans?
The cosigner of a private student loan can and will be hindered if late payments occur. Another downside to said cosigner, that is if they are in school, just like most everything else they best have the money to cover these loans in some type of colateral.
Is it possible to receive an auto loan without having a cosigner?
Sure, in fact most people do not need a cosigner to get an auto loan. The entire process is based on your credit rating, financial situation, and your income. If they are requiring you to have a cosigner, then your credit rating must be very bad or you are buying more car than you can really afford. Purchase what you can really afford and no more. Never, ever, purchase a car that requires more than 20% of you take home pay in total car payments. That is payments on all cars you own, not just the one car. Otherwise you may end up in big trouble and have the vehicle repossessed, thus ruining your credit ever farther. Live by the 20% rule and you will be in good shape.
