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Does the cosigner have legal recourse to recover monetary damages when the primary borrower defaults on a vehicle loan?
Wiki User
∙ 8y ago
Maybe small claims court. Check with a local attorney. the best protection is DONT CO SIGN.
Generally anyone who causes financial damages, which non payment of the debt as promised would seem to be, can be sued to have those damages recovered from.
If one can pursue it in small claims court or needs a different one is really only dependent on the size of the claim, not the cause of action. In most areas the limit on awards in small claims is low, something like $1500 (varies). Anything more would require the higher, more procedurally formal court actions.
Wiki User
∙ 8y ago
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Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Does the cosigner have any recourse if the primary borrower has decided not to pay on time or the full amount?
Not really, no. You can sue him for damages, but ... that takes time. And maybe there is not much to collect anyway.
Is there any recourse a cosigner has against the borrower of a defaulted loan?
No, there is no legal recourse that i know of, but I do know of a way to help yourself if the loans are Federally Guaranteed student loans. Have the borrower consolidate the loans without you being a cosigner. Then, the previous loans will be paid off, and a new loan will be made. If you need help getting the defaulted loans consolidated, contact Default Management Services. Google the company name for a phone #. Ask for Doug, he is very knowledgeable.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
Can you file a Chapter 7 bankruptcy after a Chapter 13 has been dismissed?
Yes. It is usually the only other option for a borrower. If not the creditor might seek legal recourse in the form of a lawsuit. Even though the idea of a lawsuit is "scary" it can be a better choice than BK, depending on circumstances of the borrower.
Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Does the cosigner have any recourse if the primary borrower has decided not to pay on time or the full amount?
Not really, no. You can sue him for damages, but ... that takes time. And maybe there is not much to collect anyway.
Is there any recourse a cosigner has against the borrower of a defaulted loan?
No, there is no legal recourse that i know of, but I do know of a way to help yourself if the loans are Federally Guaranteed student loans. Have the borrower consolidate the loans without you being a cosigner. Then, the previous loans will be paid off, and a new loan will be made. If you need help getting the defaulted loans consolidated, contact Default Management Services. Google the company name for a phone #. Ask for Doug, he is very knowledgeable.
Is Kentucky a Recourse or Non-Recourse or One Action state?
Kentucky is a recourse state, allowing the lender to seek judgments and damages from the borrower.
Is non recourse debt on the balance sheet of the borrower?
It should be.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
Can a security or bond pledged be sold by the lender without recourse to the borrower?
Yes.
What recourse does seller have if buyer defaults contract?
You should review the terms set forth in the contract to determine your rights. Generally the deposit is forfeited when the buyer defaults.
What is the legal ground for the co-borrower to demand restitution payment from the borrower in case of failure of repayment of student bank loan by the borrower if the co-borrower has made all necess?
Unless there is a separate legal agreement or order between the 2 borrowers, there is absolutely no legal recourse whatsoever.
If my husband owns a property with his ex-wife and they share the mortgage on the property am I liable for anything if he dies or defaults on the loan?
No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.
What recourse does co signer have if the primary debtor defaults?
The co-signer can sue the primary debtor for reimbursement of what the co-signer pays the creditor.
Can you file a Chapter 7 bankruptcy after a Chapter 13 has been dismissed?
Yes. It is usually the only other option for a borrower. If not the creditor might seek legal recourse in the form of a lawsuit. Even though the idea of a lawsuit is "scary" it can be a better choice than BK, depending on circumstances of the borrower.
