0
If your spouse cosigns a loan for their child from a previous marriage will you have any personal obligation for the debt or will it affect your credit rating?
Wiki User
∙ 17y ago
*The point is they are married and although it won't affect her credit rating if her husband is stuck with this loan it will reflect on both of them as far as possibly putting them into debt. If your spouse just cosigned then yes, they are responsible for that debt if their child decides not to pay. If the child does pay the payments then there should be no problem. Cosigning is never a good idea even if it is family because the cosigner is 100% responsible for that debt. * The non signing spouse would not be responsible for the debt nor would it affect his or her credit rating with perhaps the exception of applying for joint credit. Even if the married couple live in a community property state under such circumstances a spouse would not be responsible for the other's financial obligation that involved children of a previous marriage.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
Will it reflect on my credit if my father cosigns on a loan with me?
Yes, it will report equally.
If someone cosigns a loan for you will it show up on their credit report?
yes
Who is the owner of a loan that is co-signed?
The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.
If I pay my loan payments on time will the person who cosigns for me be at risk?
if you are paying on time there is no risk to the co signer
If someone cosigns because of your bad credit will the lender make them be primary on the loan?
The lender will put the responsibility to pay the loan if you have defaulted and they can't collect from you. In that case, the co-signer becomes the primary in a sense. A co-signer has the same legal obligation to pay the debt as you, which is why someone should put a great deal of thought into agreeing to co-sign for anything.
Is there anyway of getting out of cosigns like I know you have no ownership to the car but if your signing and paying the car payments dont you get some rights on the car?
No, you don't get any rights over the car. Co-signing just agrees that you have an obligation to pay all or part of the debt in case the other person does not. You can't really 'get out' if it unless you complete the obligation.
Will it reflect on my credit if my father cosigns on a loan with me?
Yes, it will report equally.
If someone cosigns a loan for you will it show up on their credit report?
yes
Who is the owner of a loan that is co-signed?
The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.
Father cosigns with son who is married After 2 years things are not going good in the marriage If divorced later would wife be able to lay claims to the house even though she is not on the loan?
"http://wiki.answers.com/Q/Father_cosigns_with_son_who_is_married_After_2_years_things_are_not_going_good_in_the_marriage_If_divorced_later_would_wife_be_able_to_lay_claims_to_the_house_even_though_she_is_not_on_the_loan" Yes, you cannot disinherit a spouse.
If someone cosigns your auto loan are they responsible for your other debts or only the auto loan?
Just for the auto.
If I pay my loan payments on time will the person who cosigns for me be at risk?
if you are paying on time there is no risk to the co signer
Can you lease a car at 18 if your mom cosigns?
It depends on what country you are in. In America, you can do so in every state except Maine.
If one spouse cosigns a loan is the other spouse responsible?
Yes, so be careful. You have to be sure that you will stay with your spouse.
If someone cosigns because of your bad credit will the lender make them be primary on the loan?
The lender will put the responsibility to pay the loan if you have defaulted and they can't collect from you. In that case, the co-signer becomes the primary in a sense. A co-signer has the same legal obligation to pay the debt as you, which is why someone should put a great deal of thought into agreeing to co-sign for anything.
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
If your father cosigns for you to get a car is his name on the title and can he take it away?
To my knowledge, yes his name will be on the title and he would have equal rights to the vehicle.
