Does the co-sugnor meet these requirements??? http://assembly.state.ny.us/leg/?cl=122&a=72 Section 9--605. Unknown Debtor or Secondary Obligor. A secured party does not owe a duty based on its status as secured party: (a) to a person that is a debtor or obligor, unless the secured party knows: (1) that the person is a debtor or obligor; (2) the identity of the person; and (3) how to communicate with the person; or (b) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (1) that the person is a debtor; and (2) the identity of the person.
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
They should since they are just as responsible for making payments as the primary.
In some states yes.
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
No, the cosigner may be the first one the lender attempts to collect from if the primary borrower defaults. That will probably be the only "warning" one receives.
The cosigner was probably "notified" that any funds held by the lender would be attached at the time the loan was signed. In order to garnish wages or place a lien on other property, the lender would have to go to court and obtain a judgment, in which case the cosigner would have received a summons from the court.
Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.
You must notify the person to whom you owe the money , and your state law will tell you how long you have to make alternate arrangements with your lender. Your bank will know the law , and direct you how to proceed.
Yes. Im not 100% sure how the process goes,but the sellerwill have to notify his/her lender or whomever of whats going on. Buyer will provide payment and i believe your lender will forward the title to the buyers lender.
When a loan is in arrears (past due), the creditor has the legal right to contact the cosigner unless the loan is included in bankruptcy. The Fair Debt Collection Practices Act states this fact. The sole purpose of a cosigner/guarantor is to guarantee the loan, hence it is likely if no payment arrangements have been made by one, they will collect from the other.
Technically, probably. Your loan contract usually requires you to keep the lender informed about any changes of address, among other things. If you have a history of late or missed payments, they would be especially concerned.
yes because they have to notify the owner