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Co-signing

~2700 answered questions
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.
You do not have to go through a different lender. Many lending institutions have a program called "release of responsibility". They will require that you apply with them and will make sure that you are credit worthy and budget for the payment. If you do not qualify, you may want to try to re-finance…
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Answer The co-signer of any loan has the same financial obligations and liabilities as the creditor! They can be sued and have their wages garnished or bank account frozen, just as you can. Answer The co-signor has the same responsibilities as the signor. If the signor can be sued, the co0sig…
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%DETAILS% Yes, they can repo it it you have paid everything except one red cent. You put the car up for collertal. It doesn't matter if it's worth $100,000 and you borrow $100. If you don't pay, you lose it.However, in Mississippi, after the bank repo's it and sells it, they cannot make a profit.…
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After a judgment, a creditor can take other property of yours (even your house) in some states. Each state has different exemptions so the answer depends on the state you are in. Input from FAQ FarmersThere's one asset they probably CAN get. If you have any deposits in the same bank - checking, sav…
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Cosigning a loan means that you are willing and able to ensure that loan payments are made in any situation in which the other party fails to pay. As a cosigner you are just as responsible for the loan as your adult child. If the bank repos and then auctions the car you are responsible for any bala…
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You can take possession ONLY if your name is on the TITLE. Otherwise, you should contact the OWNER(primary borrower) and attempt to work something out to get possesion AND talk to the LENDER about putting the loan in your name ONLY. Dont mess with it if your name is NOT on the title.BEFORE I SAY ANY…
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Making Payments After Returning a Car No, you do not have to make payments HOWEVER.....once they sell the car you still owe the left over balance. Just because you don't have the car anymore DOSEN'T mean you didn't borrow the money #2 No you do not have to make payments after returning a car as lo…
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Car Loans Specialist in USA offers a variety of car finance for your new or used cars with no co-signer. Credit doesn't matter if you have good credit, bad credit or limited credit!  Getting a Loan Without a Co-Signer - Save up for a larger down payment. The more EQUITY you have in the purcha…
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A cosigner is obligated as long as the loan exisists. The loan must be paid off or refinanced into the primary borrower's name only to release the cosigner.
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You can try to re-finance the car with a different lender without the cosigner if you've established enough good credit.
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Answer A co-signer is responsible for all provisions of the loan agreement. "Co" means equal. You and the primary borrower are equally responsible for the contract. Find out more at www.dealertricks.com
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Answer None really. Even if you are on the title to the car as well as being a cosigner, you can't do anything without the other person. All you can do to protect yourself if make the payments. Find out what car dealers don't want you to know at www.dealertricks.com
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YOU ASKED:"Can the Lease Holder Take the Auto from my possession or is that against the law if the payments are made regardless?"ANSWER:Yes, the leaseholder can (and should) re-take possession of the vehicle. The person who leased the car is dead. The lease agreement, too, is dead, save for the clau…
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It depends on the state you are in and the laws of that state. I had the exact same issue in Georgia. I am a co-signer. In most states it depends on how the two are listed on the title. Are the two borrowers list as Joe Doe AND Jane Doe? Are they listed as Joe Does OR Jane Doe? Which name is first? …
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Please allow me to confirm that it CAN effect your credit. The apartment community typically, but not always, turns the accounts over to a debt collection agency. Once the agency has the account, they start sending letters, calling etc. The account is typically reported to the bureaus between 90-120…
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About 6 months ago I had to deal with the same thing. What happened to me was, that the card and all $3000 was turned over to me. That was not cool at all and I was made responsible for the card. But the person that raked up the bill gave me what he owed, but some are not so lucky. As a cosigner, …
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Bankruptcy During a Lawsuit Here is advice: If I were you, I would get an attorneys advice. I do know that after your bankruptcy is discharged and final, if you receive a large amount of money within 6 months after, you must pay it on your debts. Although, Im not sure if this pertains to law sui…
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%DETAILS% To me this is a pretty easy no. Once you get the report I would dispute it and make the bureau prove that your mom filed bankruptcy. They will not be able to so it will have to be removed. It sounds like the mortgage company got wind of the bankruptcy and told the bureaus that all of th…
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Check your divorce paperwork. Usually, there's a provision within the decree stating that any financial obligations- such as alimony or child support- are still valid claims when a bankruptcy is declared. If your lawyer didn't do his/her homework and there is no such provision, you stand in line wit…
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%DETAILS% Answer No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
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That's an issue that has to be decided by the court, the lender and the exemption status of the property.
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As long as you have a clear title in your name, you can get a Title Loan.
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Not necessarily. It is possible to co-own a car, be on title, and not have borrowed money for the vehicle. Credit history is established when you borrow money. It is a record of how you have paid the money back. If you purchased a car with someone else by paying one lump sum, and never borrowed; the…
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No, it is not mandatory, but it is a good idea. You can get around having assets verified, but it usually comes with a cost, ( such as a higher interest rate for repayment). The more documentation you have to show that you are capable of paying off the loan, the more the company trusts you with the …
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Yes there name will appear, but luckily after the 1st year, you can go to the city registery and have there name removed.   Cosigner will also be on the note.
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Yes you can, if approved it will show positive on both reports.
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If they've cosigned for the mortgage, yes.The only time a partner (husband/wife, usually) doesn't need to be there is if the mortgage and title papers are all in one person's name.   The only people who really need to be at a re-fi is the lender's attorney and your attorney-in-fact (somebody …
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Many people do not realize that by co-signing you are also a borrower on the loan; so even though the other borrower (co-borrower) may have died, you are now solely responsible for repayment of the debt. If the note is secured by a mortgage on real estate that the borrower owned, the borrow…
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Only your previous federal loan history affects your ability to get most federal student loans. For private student loans, your debt (including debts you cosigned on) are a factor that would be considered by most lenders in making a credit decision. Your potential lender may ask themself: "If this p…
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Many lenders have a co-signer release option! Just ask them.ADDED: most lenders that offer this option require a history of 2-5 years of consecutive, on-time payments.
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%FOLLOWUPS% Yes, you are responsible If the person you co-signed for is behind in payments and the insurance coverage expires you are responsible to insure the car until it is sold or the person gets the payments caught up and pays the insurance.
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How Co-Signing Affects Credit As a person who co-signed an auto loan for someone who consistently made late payments, accrued late fees, and eventually filed bankruptcy . . . I can truly tell you that if You co-sign an auto loan and the person doesn't make the payments it can really screw your …
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The purpose of a co-signer is to guarantee payment by the primary borrower whose credit record isn't good enough to obtain the loan on their own. The lender will not release the cosigner because if the primary party fails to make the payment it is the responsibility of the cosigner to pay. The co-si…
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Under federal law, I don't believe the lender has any obligation to contact you as soon as the borrower misses a payment. You need to ask the lender to do it, and get this in writing.
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%FOLLOWUPS% The lender should be looking only at your ability to repay the loan when they determine the amount they will lend, since they assume you will be making the payments. They also want to be sure the cosigner can make the payments if you don't, but they would not combine the two financial…
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Only the two consumer's who signed the contract are responsible. The debt will show on your husbands credit report. If you apply for joint credit in the future, any accounts held individually or jointly with anyone else will be reflected on your credit report and may impact the score. So, if you ant…
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Yes, someone can co-sign on multiple loans. If you are investing in several properties than I would suggest using hard money or bridge loans. These are private lenders in most cases and lend based on the value of the property not the credit score of the borrower. This is not available in all states …
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%DETAILS%%FOLLOWUPS% Yes, someone 18 or over can cosign on a loan. But you are legally liable for the entire amount if the borrower fails to repay---and it can ruin your own credit!! Think long and hard before doing this for anyone. I can't imagine doing this for anyone but a close relative...and…
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%DETAILS% Answer Yes, even if you're never asked to repay the debt, your liability for the loan may keep you from getting other loans because creditors will consider the cosigned loan as one of your obligations.
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A co-signer is jointly and severally liable on the note, but doesn't have any security interest in the vehicle. In other words he has no rights to the vehicle, other than to pay off the note if you fail to do so. A cosigner can ask that his name be added to the title, which means he has equal owners…
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Yes. Yes.You are certainly responsible for the actions of primary to the extent of the loan....and after that, it would be situational on what other liability could extend to you - but certainly situations no one would want to be in!A cosigner is generally only needed because the primary doesn't ha…
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Call your banker ASAP. Explain the situation and ask for advice.
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Answer Under federal law, creditors are required to give you a notice that explains your obligations. The cosigner's notice states: You are being asked to guarantee this debt. Think carefully before you do. If the borrower does not pay the debt, you will have to. Be sure you can afford t…
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%DETAILS% Answer The lender will evaluate the cosigner's ability to repay the loan. As long as the cosigner is mentally competent, his health is not normally an issue. If the family had gone to court to have a conservator or guardian appointed for the grandfather BEFORE the loan was signed, i…
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Yes it can be done. I'm in the process of doing so myself.
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You are certainly responsible for the actions of primary to the extent of the loan. No. In no way could a person be held legally responsible for an accident on grounds that they were the cosigner of the loan that procured the vehicle. You are neither responsible, and the other side of the issu…
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You need a lisence to drive the car, but not to cosign a loan.
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%DETAILS% Answer That is exactly why the lender insisted on a cosigner. They didn't believe the borrower could/would make the payments. Cosigning means "I will pay if he/she doesn't." Answer You are certainly responsible for the actions of primary to the extent of the loan....but co…
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%DETAILS% First things first; find out who's name is on the registration and title. If it is only in one of your names, you could be in trouble. I suggest you call a lawyer and fast if that is the case and your name isn't on either of them.   A doubt very much if a lender will release a co…
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It depends on how the vehicle is titled. If both of your names are on the title she has an equal right to possession of the vehicle as you do. So technically she could take it. But then again you could take it back because you have the same right to the vehicle as she does. Now if its just her name …
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Depeding on how the vehicle is titled you may have legal rights to the vehicle even if you aren't making the payments. However, in order to just get it titled in your name then you will need their consent if it's currently titled in both of your names. Very simple answer to all these questions. …
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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…
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%DETAILS% "I co-signed an auto loan with my ex-boyfriend back in Jul. 2003. He quit his job in Dec. 2003 and is still not working and not paying for the vehicle. His name is on the title and registration and mine is not and his credit is horrible. Are there any loopholes anywhere that I can get t…
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%DETAILS% Answer You are only responsible for the loan you signed for. It will tie up the collateral for a longer period of time. Call the lender and find out how it affects you.
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%DETAILS% Answer This should not show up on your personal credit report, but if you jointly apply for a loan (it is usually required that both spouses be on real estate transactions) it will be listed as one of his obligations and possibly reduce the amount that will be approved. And if the co…
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The loan must be paid off or refinanced in the name of the primary borrower alone. A cosigner is equally obligated for the debt until the loan is paid or refinanced in the name of the primary borrower. The co-signer can't easily be removed from the debt. The reason you have a cosigner in the first…
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Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.
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%DETAILS% You can sue for anything if you can find a lawyer to take the case, but collecting would be something else. You cosigned, promising the bank that you would make any payments that the borrower did not. THERE IS NO AGREEMENT THAT SAYS THE BORROWER WILL REPAY THE COSIGNER. IOW, you are SO…
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%DETAILS%%FOLLOWUPS% Better make that "ex-friend". If the payments are not made, the finance company will take the furniture, but it sounds like you have been s*****d. The furniture store probably has an order stating the furniture was delivered to HER house and the finance company has a document…
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You need to read the lease. There is probably a statement that says the agreement will continue on a month-to-month basis after the expiration of the stated period. If it doesn't say the co-signers will be released, they are probably still responsible.
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The "way out" is to pay the money. That's what you promised the bank you would do. Bankers are very good at determining who is likely to default on a loan. That's why your friend needed a cosigner.   Don't ever ever cosign a loan, even if it is your parents if you know they are not good with …
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Co-signing a loan may not specifically require collateral, but if the person for whom you co-sign defaults , anything you own becomes fair game. Don't co-sign for anything for which you cannot comfortably cover the loss in case of default.
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%FOLLOWUPS% Co-buyer = Name is on the title and has rights to the property. The lender will PROBABLY insist that this person also sign the loan as a co-signer or joint borrower.Co-signer = Name is on the loan and is obligated to make the payments if the primary borrower does not. This gives you N…
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%DETAILS% The primary borrower may be WILLING to take responsibility, but most likely the lender will not think he is ABLE to make the repayment. That's why he needed a cosigner in the first place.   There is a difference in being responsible for a debt and being legally liable for one.The…
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Answer The identity theft has to be resolved before the co-signing can be resolved. File charges,ect get that out of the way, then work on the co-signing mess.
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The obligation is that the loan is now the liability of the co-signer who did NOT file bankruptcy.Your rights are the same as any debtor. You can pay the loan, or default. Declaring bankruptcy yourself is an option also.  For those reading along...this is why lenders want a co signer before le…
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Yes. I co-signed for an auto loan and the other borrower filed bankruptcy without notifying me. I was in the process of buying a home and before I went to settlement they pulled my credit again and her bankruptcy came up - preventing me from getting the house. So yes it will affect your credit becau…
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%DETAILS% Answer If your name is on the title, you can take the car. Just make sure he didn't re-titled it after the split.
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It is possible to go to the Register Of Deeds office at your county court house. Take along a tax bill or something else with the legal description of your property. Someone there will help but be prepared to spend several hours. Another more costly way would be to have a local title company run a s…
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Answer It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.
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I wish your name could be taken off in a year. As long as that person owes money on the contract you are stuck to that contract like white on rice.I'm in the same sinking ship as you.
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Not if the cosigner has been making the payments on time. But often the cosigner doesn't know the loan is in default until it is past due 30 days or more, so if you have received two or three (depends on state laws) Right To Cure Default letters, the bank can foreclose.
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%DETAILS% Answer No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
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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.
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Not unless their name is also on the title. If you're not on the title then you only agreed to pay the loan if the person buying it doesn't. This doesn't give you any right to the car. However, you can sue the primary borrower in civil court if they defaulted on the loan and you made the payments.…
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If the title is in his name. What if the tittle is in both of there names? We are wanting to trade off our two cars but we have a co signer who we are no longer speaking to. We are wanting to trade both cars in on one and we are wanting to lower our payments. What do you think? Could we go back …
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Only if the primary borrower is willing and able to refinance.
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Yes, If the co-signer gets "dinged" on the credit report just like they where the signer
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%FOLLOWUPS% I think the cosigner should have legal rights for the car especially if they are making payments on it. If payments are not paid, it effects the co-signers credit adversely and he is still financially responsible for the car until it it paid off. In fact I've heard the lender tends to…
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If someone "co-signs" a car loan they will certainly be on title and will be entitled to 50% ownership of the car. Please note they will also be 100% responsible for the loan should you forget to pay, etc.Hope this helps   Sorry, Lloyd, but you're wrong. Cosigning the loan only gets you the p…
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Unless your name is on the title to the car as well as the loan, there isn't much you can do. If you don't make the payments, your credit will be damaged. Co-sign means you are EQUALLY responsible for the loan.   Make the best of a bad situation: Whatever the lender doesn't get paid on the lo…
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Answer Cosigners are not for sale if that's your question. You have to find someone with a good credit rating preferably a friend or relative. In addition this person needs to trust you!!! Answer A cosigner is only needed because the primary doesn't have adequate credit rating/history f…
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PAY the loan off.   Absent primary borrower being able to get the/a loan on his/her own and pay you off, only if the lender is willing to let you off the hook. Not common, and why should they?Your probably better off working with the primary to get as much out of the asset now, (sell it for v…
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The answer depends on the type of loan, whether the decedent was a co-signer or also a co-borrower, the state laws, whether the co-signer was married and whether they lived in a community property or separate property state, whether the loan was in default, and other factors. You can read more about…
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NO. You no longer have collateral to secure the loan. Unless you are willing to use real estate or another vehicle that is fully paid off and owned for security.
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If the person found an alternative relationship in the intervening period, the flame is unlikely to be rekindled by your newfound celebrity. My narcissistic partner had an ex-wife who achieved success and wealth after they split. He told me stories of how he was actually the one who wrote her b…
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Lawsuits and the Names on a Car An absolute answer depends on your state law. Generally, the person/company suing you has no legal interest in your car until they get a judgment against you and file a lien against your property (unless they are the car finance company or you voluntarily gave…
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%REPLIES% You can refinance the loan in your name only which will take her off the loan, she would then quit claim the house to you, which will take her off the property completely. No she cannot. Separated or not, she co-signed on a loan... it is not even a question of community debt here since …
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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 fo…
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I am trying to figure out the same thing. It's def tough.Well if you have a decent down payment,,say $1500 or $2000 , the finance company may take the value of the car as collateral against the loan. They will place a lien on it anyway until it is paid off. And if something happens to it before the …
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Answer Hell yeah it does!!!!!!!!!!!!
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Most likely, but alot of it depends on the co signers credit score, also if they have sources of income other than a job. The purpose of a co signer is for the bank to have someone to go after for a debt if you don't pay.
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From a commercial account, yes. From a loan, no. The loan must be re-financed in order to remove names from that type of account.
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If you can find a lender who will accept your signature, sure. Unlikely.
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The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating)
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Yes
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