That's an issue that has to be decided by the court, the lender and the exemption status of the property.
If the cosigner wants ownership of the property they must arrange to be listed on the certificate of title. You need to check at your state DMV to determine the process in your state.If the cosigner wants ownership of the property they must arrange to be listed on the certificate of title. You need to check at your state DMV to determine the process in your state.If the cosigner wants ownership of the property they must arrange to be listed on the certificate of title. You need to check at your state DMV to determine the process in your state.If the cosigner wants ownership of the property they must arrange to be listed on the certificate of title. You need to check at your state DMV to determine the process in your state.
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
The answer to this really depends on the nature of the property and how it is held (i.e. tenants in common, joint tenancy). You can file for bankruptcy for your personal debts. If the ownership debt is easily severable then it is likely that you would be able to file for bankruptcy and include the property as well.
Bankruptcy and Homeowners InsuranceYes, You should continue your homeowners Policy until such time the the property has been transferred back to the lender or to another owner.So long as the property is in your name, whether your in bankruptcy or not, you are still liable for any damages.
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
The deed to the property is what determines ownership and what action can be taken against the property during bankruptcy or the execution of judgment.
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
This would be a most uncommon situation...you own the proerty but other people have it mortgaged? Your bankruptcy effects everything you own, not just what you may owe on. Your ownership of this property is included.
The cosigner of the loan owns 1/2 of the property if they are on the title.
Yes. * No. Unless a cosigner is also named on the title to a vehicle or the deed to real property they have no legal rights or claim to said property.
No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.No. A tenant has no ownership interest in the property and so the property is not available to their creditors.