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Co-signing

Parent Category: Loans
Promising to pay someone else's debt if that person does not make good on their obligations. Auto loans and mortgages often require a co-signer.
The short answer is yes. The long answer is that when you co-sign a  loan for another person, you agree to be responsible for that loan  should they default so if they fail to pay the loan back, the  creditor will expect you to shoulder the responsibility. If you  fail to pay the loan back, it...
It depends on the amount of their income- whether they can afford  to pay both loans. A co-signer will be required to pay if the  primary borrower defaults on the loan.
Sure, hopefully you have a signed promissory note as evidence of the loan. If not, its your word against the defendant.
If the title is in your name only, then the new buyer will not be able to put the title in his name. If it was repossessed, then the lienholder was able to sell it and the sale is valid.
A co-buyer can move out of state with car as long as car paymentsare current. The co-buyer should update the new address with thelender.
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  == Answer ==     It will not improve as much as it would with no cosignor but some.   == Answer ==   A "bad credit rating" would not be impacted by an account being co-signed, or paid off. Your credit is affected by having an inquiry to open the loan, having a new loan granted,...
They will look at both but the good news is you will get a better rate if her credit is good than you would have if you'd signed on your own.
Not for a new loan. Your name as co-signer for a loan can only be applied if you signed the original loan document as co-signer. Now, 11 years later if the person you co-signed for the first time tries to open another loan using you as co-signer they will have to get you to sign a loan document...
Answer . \nIF your credit is good enough to qualify for the loan, you and the other person will meet with the LENDER and do the paperwork. Not much different from getting your own loan. Main advantage is you may "know" the condition of the car better and possibly get a better price duw to someones...
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...
  == Answer ==     Yes, a co-signed account is the same as a joint account. Terms are the same for both users.
The only way to legally escape the lease agreement without paying  any penalties is if the roommate is committing illegal harassment  against you that results in a police report and restraining order.  Otherwise, if it's just roommates being loud, messy, or borrowing  your clothes all the time...
Without a credit history and a co-signer, you may find it very difficult (really impossible in this environment) to get a traditional loan. I would recommend, if at all possible, to borrow money from friends and/or family if the loan you need is not large since the following options are not ones...
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  == Answer ==     Sure. Just find an apartment that will allow a tenant with a discharged bankruptcy.
  == Answer ==     YES !!!!!!, You will be the next person they come looking for.
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See, it has to be a ratio of your total monthly income and your total monthly debt payments. First of all, you should add your monthly income. On the other hand, you have to add your monthly bills e.g. rent, car loan, phone etc. Your total credit card outstanding balance has to be divided by 12 and...
You really should do your homework yourself. What would your teacher think about cheating like this? And, nobody writes leases like that.
  == Answer ==     You either pay or dont pay or file B/K also.   == Answer ==   If a co-borrower has debt discharged through bankruptcy, the other signatory is 100% liable for the balance of the loan.
== ==   well it depends how you want to do it. You could always try this....( I don't ) This is from http://whatismyipaddress.com/     Below is something to try :( Here is what I use.....---<---http://intl-alliance.com/ <---   = The most commonly asked question: =   What...
  == Answer ==     Unlikely, but contact a local attorney for state/case specific advice.   == Answer ==     Whose name or names were on the title to the car?
if you hide the car and they can't find it, they want do any thing but look for the car consistance for about 60 days and stop for about six months, and start looking for the car again ...in about after nine months most car company stop looking for the car...and will but this on your credit report.....
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If you are a cosigner on a Federal Student loan, then the only way to get your name off the debt is to get the primary borrower to consolidate the student loan in only his/her name. This will remove you from the debt.If it's not a student loan, you are stuck. You can file a civil suit regardless,...
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Hi, I was just having the same discussion the other day. On a serious note though, in most cases your answer is yes...but only after a certain amount of time. then there are those other times that there are certain instances in which the car can not be retitled (and those vary from vehicle to...
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
In the USA, if the student loan is Federal like a Stafford or Perkins loan, then yes you can cosign with bad credit. If the student loan is a private student loan, then no, you must have good credit. Keep in mind, you should never take out private student loans out until you have used up Federal...
Yes you can be a cosigner if your credit is approved by the lender.  Also, you should be certain you can afford to make the car payments  in case the primary borrower fails to pay. You will be held equally  responsible for paying the loan. In most cases where someone needs  a co-signer, their...
  How it is looked at by the loan companies is Income minus Expenses, if your annual income is only 10k but your rent (or mortgage) is only 5k a year, they see it as you have 5k a year to pay your loan with. however if you make 40k a year, but pay a 35k a year mortgage, you still only have 5k a...
If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner...
Yes. The co-signer is responsible for any unpaid rent or damages that are not paid by the primary.
  == Answer ==     http://www.lawhelp.org/documents/127641Creditors%20and%20Debtors.pdf?stateabbrev=/FL/
Yes, there is no limit to number of Apartments you can rent/cosign on. However, the new landlord may run a credit check/background check on you, if you have too much debt or cosigned on another apartment they may consider you to be roo risky to rent to.
  == Answer ==     The LENDER will have to remove any co-signor from the loan.   == Answer ==   Your only option is to have your daughter refinance the loan in her name only. She might be able to do this, given enough positive credit history on the existing loan and proof that it...
Yes. That's the purpose of a co-signer, to guarantee the conditions of the contract in the event of default by the other signer.
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I'm afraid this might not be enough information to answer the question. For instance, if this were a refinance mortgage, you might be able to rescind. You should call the title/escrow company right away if this is a mortgage.
Auto Loans can both be unsecured and secured.In secured auto loan the car that you purchase is a collateral for that loan; thus, it is backed by an asset (your car). If at any point you cannot make the loan payment, they have the right to take your vehicle back. This type of loan carry a lower...
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Each person who co-signs a mortgage is equally responsible for paying the mortgage. If your mother has died then her estate must be probated. The debts of the decedent must be paid before any property can be distributed to the heirs. You need to consult with an attorney who specializes in probate...
Yes. Whether or not you get results will be dependent on a number of things, but it would appear that you have a good case there (although one can't be 100% certain without knowing the details).
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Unfortunately yes, and not paying the debt will result in tremendous negative consequences for you. Below are a list of some problems specifically associated with co-signing a loan that becomes subject to a bankruptcy proceeding. * If the primary borrower does not pay his debt, you will have to. In...
The cosigner would need to agree. At the very least, consider what you are doing before you even ask. If you needed a co-signer for the first thing, your finances are in disarray. You should be able to refinance the first loan in your name only and then and only then consider adding to your debts. ...
Answer . No but a requirement of the job may be that you have reliable transportation, that may mean a vehicle of your own or just taking the bus, but if you are repeatedly late for work or request special treatment or hours for transportation reasons you may be denied work or fired. If a vehicle...
What you are describing, if I am understanding correctly, is another party acquired your personal information and used it to obtain a loan. If that is the case and you did not sign the loan documents and you have not given the other party power of attorney to act on your behalf, then this would be...
  == Answer ==   I would tell my partner that this person is the past.  I am with you now and not comfortable at all with any ongoing communication.  If your partner has any respect for you they will sever all communication.
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Heck no you are dreaming minimum credit score is mid 600's that is MINIMUM my score is 550 and even w/ a co-signer who has a score close to mine IS NOT POSSIBLE. On the other hand if the co-signer has a score of 630+ and has good income 50k+ sure you can get a loan it all depends on co-signer really...
  It depends on the state in which you reside. Most of the time, if the personal property is permanently affixed to the vechile (stereos, tires, etc), you have no rightful claim to them. Items that are loose in the vehicle such as cell phones, books, CDs, etc, have to be returned to you at no...
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No. If you cosign on a car loan and the person defaults, the finance company can not take your house in this state. After the finance company seizes the car, both you and the other person would still owe the unpaid balance of the loan.
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Answer . \nNot always, it depends on the laws of the state and the lender. Some lenders will consider an eighteen year old ,if they are credit worthy. Meaning they have a good credit history and a verifiable, acceptable income level.
  == Answer ==   If the lender requires it. They don't always, but it is sometimes preferred.
Answer . Until the end of the grace period as spelled out in the contract you signed. After that, they can reposes the car. Talk to your lender if you are having problems.
Maintaining a good cedit rating
Make your payments on time.If you can't pay, contact the creditor immediately, before the payment due date. Your call demonstrates your good faith. Most creditors are willing to make alternative arrangements if your situation has changed.Don't wait until the due date has passed or until the creditor...
A cosigner is only responsible for the items that he has cosigned for.
If you purchase this property, you will assume the position of landlord under the existing lease with the tenant. Your rights and responsibilities are determined by the lease and your state's landlord-tenant laws. It is a good idea to talk with a real estate attorney in your area before purchasing...
It is totally up to you who you share your credit report info with, but it is against the law for a creditor or credit reporting agency to disclose any information regarding your file, only you have the authority to access your credit file and unless there is a permissible purpose as defined by law...
To determine your credit worthiness and history.
Answer . Refinancing a loan means that you are essentially paying off your mortgage with a new loan. Refinancing is often used to change your loan from an adjustable to a fixed rate and can be a way to lower your monthly payments or take cash out of your home's equity. The process of refinancing...
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Some countries provide government student loans to any student that needs one (provided you are a citizen of course) regardless of your credit rating; you are of legal age to sign a contract, so you do not need a cosigner. The only requirement is that you are enrolled in an accredited university or...
Many divorces are mutual between spouses but if your spouse refuses  to sign your divorce papers, the process can take significantly  longer. While there is no guarantee, your divorce could anywhere  from a month to a year longer than an uncontested divorce.
That is not likely because you wouldn't be a good credit risk.
The daily routine of a member of a tribe. The way they live reflects on what they believe and their traditionally. The men go hunting for around four hours because it is relatively easy to catch pray and the women stay at the tribe's territory and look after the children and collect wood and things...
  == Answer ==   A child under 18 cannot legally own or take out a loan to purchase a vehicle. A parent must co-sign for the loan.
A lease is a CONTRACT, between you, the tennant, and the property owner, that sets out the rules for both sides to follow, for the duration of the contract.No change can be made without the consent of BOTH parties, under law, and if YOU break the terms of the contract, you can be held accountable...
  == Answer ==     As many as the lender requires.
Why don't you ask the company that provides the loans? I suspect your wife would need to get the loan and you would be a co-signer. The loan is against the car title. Still, I am only familiar with the rules of one company in one state 20 years ago!
No, you can only be liable for the loan. If the car was totaled and did not have insurance then you can be held responsible for the balance on the loan. Any accident or damages that occurred would be the responsibility of the driver/owner of the vehicle. All your signature did was say that you will...
  == Answer ==     The other co-owner or cosigner will be responsible for the debt.
Answer . As the co-signer, you have vouched for the loan and can be held accountable for the balance.
You must make certain the person who has agreed to co-sign your loan understands they will be fully responsible for paying the debt if you default on the loan or if you die while the loan is outstanding. Their name should also be on the title to the car and the insurance so they can be notified if...
Yes. The co-signer should negotiate a resolution as soon as possible. If the debt goes into default the co-signer's credit will be ruined. The co-signer should try to get the lender to take back the vehicle and negotiate the amount it will take to write off the debt. On the other hand, the co-signer...
a deceased persons property becomes part of their estate, if the person had a will and left the car to someone, it most likely states something to the effect of any taxes, fees etc arising out of anything be paid by the estate- which means if the estate has enough to pay the loan off it will and...
There is a potential that you could lose your house but that would be very late in the collection process. When you co-sign a loan (doesnt matter if it is a student loan or otherwise) you are assuming FULL responsibility for the obligations of the loan (including payments due as a result of default...
Fortunetly, lending institutions are becomming aware of the classic car market, and were, before the economy got so bad anyway, lending on them. I think it is usually the smaller places, and credit is a major factor. There is a book out, like the blue book, that actually gives a guideline as far as...
Your co-signer may or may not be able to take your car. It depends on how the title reads. It does not depend on who made the loan payments. However, if you had a verbal agreement, that is a legal contract in this state enforceable by a court of law. You may wish to inform your co-signer of that...
This is a complicated question to answer. When you co-sign for a loan you are responsible for payments in the event that the primary borrower defaults on their obligations. When this happens, the creditors can go directly after you and this may or may not include your house although I highly doubt...
    == Answer ==       Nothing, they are equally responsible for the debt. Whether they each own equal shares of the property depends on if they are married; if they're not ownerhip is determined by how the property is titled.     == Answer ==     Basically what...