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If you co-sign with someone who defaults on the note is there any way to get it removed from the co-signers credit?
Wiki User
∙ 8y ago
Do what you agreed to do. Pay the lender.
Wiki User
∙ 8y ago
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Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
If I were to Cosign for someone so they could get a car what happends What is my obligation then?
You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
If you cosign for a car loan can you be sued successfully?
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
Can your husband cosign on someone's home without your knowledge?
Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.
Does your credit go bad if you cosign on a car?
if the principal loanholder defaults you will be stuck with the payments.Miss them and your credit can go VERY BAD!
How many time can you cosign a car?
how many times can someone cosign a car
Do a cosigner have to be physically present in order to cosign for someone?
Of course. The lender will take the necessary steps to verify the co-signers identity and income since the co-signer is agreeing to pay the loan if the primary borrower defaults.
Can someone not related to you cosign a car?
Yes.
Can you cosign if you are on unemployment?
You can co-sign, but no creditor will ask you to nor accept you as such because you can't gaurantee you'll cover the debt if the other party defaults.
Can a person without a drivers license cosign for someone?
Yes
Is a person who is 65-years-old and retired responsible for paying a loan they co-signed for if the owner defaults?
Yes - unfortunately when you cosign a loan - you cosigned a loan and if the owner defaults you are still responsible no matter how old you are. You could check with the lenders but wait until they contact you.
