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Any transaction can be initiated by either party, but the signatures of both will be required on the deed-in-lieu agreement and property transfer documents.
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
Almost anyone can be a loan cosigner, however they must be creditworthy, accept and intimately understand the responsibilities which accompany the role, and meet any of the lender specific requirements.
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, it would not be valid.
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Capacity and intent of the cosigner to be bound is required.
Any transaction can be initiated by either party, but the signatures of both will be required on the deed-in-lieu agreement and property transfer documents.
no...only two parties are required to make a contract, a cosigner is only required in special cases.
That is the correct spelling of "cosigner" (a joint warrantor or guarantor).This is often seen in the hyphenated form co-signer, but the hyphen is not required.
Most private student loans applicants are required to have a cosigner, especially undergraduates or students who don'tt have a steady income or credit history. The cosigner is required to sign the loan document, but the student is the primary borrower. By signing, the cosigner agrees to be fully responsible for repaying the loan if the student does not fulfill his or her obligations.
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.
Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.
Almost anyone can be a loan cosigner, however they must be creditworthy, accept and intimately understand the responsibilities which accompany the role, and meet any of the lender specific requirements.
Documents are not as a matter a fact as primary as they are possible
No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.
document required
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