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If you cannot make the payments on your loan, you can request a deferment or call the Direct Loan Servicer and have all of your repayment options explained to you.
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∙ 13y ago
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If you cannot make payments on your loan you?
... will lose your car and you will lose points from your credit score.
can you transfer a traditional loan in default to a veteran's loan?
No, you cannot transfer the loan until you bring the loan payments to current.
What are the options if a co signer of a student is retired and cannot afford the payments?
Once you co-sign you are responsible for the loan until the loan is paid off. Retirement does not change your obligations under the loan. If the primary fails to make payments the lender will go after you.Once you co-sign you are responsible for the loan until the loan is paid off. Retirement does not change your obligations under the loan. If the primary fails to make payments the lender will go after you.Once you co-sign you are responsible for the loan until the loan is paid off. Retirement does not change your obligations under the loan. If the primary fails to make payments the lender will go after you.Once you co-sign you are responsible for the loan until the loan is paid off. Retirement does not change your obligations under the loan. If the primary fails to make payments the lender will go after you.
Can you protect yourself from being liable if you are a co signer?
No, that's the point of being a co-signer. Your role is to make sure the payments are made. If the primary person on the loan cannot make the payments, the co-signer is responsible for covering the payments. If a cosigner was not held responsible for the loan, it wouldn't make much sense to even have a co-signer.
How do you prevent loan deliquency?
make your payments
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
How much will cosigning a student loan lower your credit score?
Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.
Can the lender take to me to court if I am just a cosigner for my friend and he could not pay the remainder of his car loan?
Yes. That is the job of a co-signer, to make sure the signer makes the payments or to make the payments if the signer cannot.
What loan requires you to make loan payments while attending school?
Pell grant
Can I aply for loan payments?
How can I aply for loan payments?
What is the phone number to make auto loan payments?
that depends on who your loan is through.Do you know what company you got the loan with?
If your mom dies owing on car loan can you take over payments?
No, you cannot do that unless the lender agrees to it. The estate needs to contact the bank and inform them of the death. And then they can make arrangements to see if the loan can be transferred.
