0
As a co-signer if you took over payments 4 years ago and can no longer afford the payments what can you do to protect the damage to the primary through the repossession process?
Wiki User
∙ 17y ago
The primary, whether he's been making payments recently or not, is the first person responsible to make good on the debt. If the co-signer -- who's been generous enough to make payments for so long -- can no longer meet the fincancial obligation, both the co-signer's and primary's credit history will reflect default on the debt. Any actions or judgments on behalf of the lender can be made against the primary and the co-signer.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
How do you the cosigner sue primary borrower?
The cosigner can sue the primary borrower by taking legal action in a court of law. This typically involves filing a lawsuit against the primary borrower for failing to make payments as agreed upon in the contract or agreement. It is advisable for the cosigner to consult with a lawyer to understand their legal options and the process for suing the borrower.
What is the process of house repossession?
House repossession refers to the process by which a financial organization takes ownership of the house as collateral due to failed payments or inability to pay.
Will your car be taken off of repossession if you pay money on it?
Only if you pay up all the arrears payments that caused the repossession process to begin in the first place. Partial payments will have to be negotiated with the original lender.
Do banks typically notify you when they plan on starting the repossession process of a car in NC?
yes. you wil get late notices for your deliquent payments .
What is the process of reposession of RV in California?
you need to take care of this situation ASAP or you will be court ordered to give up the car! My advice would be to get proffessional help, they will be able to stop repo, help with car payments, lower monthly payments, lower interest rates, get you caught up to date on your payments, stop repossession, and avoid repossession!
Can a cosigner be taken off a Student loan before its process?
It doesn't hurt to ask. They might say no to you especially if their income in not substantial enough to make payments on their own.
Can you have a co-signer removed from a title after the car is repossessed?
AnswerIf the primary on the contract does not pay then the lienholder comes after the co-signer for the payment. The credit of both the primary and co-signer are going to show repossession. If the lender has kept the title in its files as part of the loan process and is listed as a primary lienholder, it can sell the vehicle after the repossession.
How long does the repossession process of a car usually take?
The repossession process of a car usually takes about 6 months
What are the names of repossession companies in Washington state?
Five Star Process Service and Repossession
Is it legal for Bank of America to demand the entire balance of a car loan be paid if the borrower is three payments late?
Yes, its known as an acceleration clause. It was in your contract. That enables the lender to begin the process of repossession.
What can be done to stop auto repossion?
in the process of repossession?
What is the law in Colorado for car repossession?
In Colorado, a lender cannot repossess a car until the borrower is in default, which typically means missing a payment. The lender must provide the borrower with a right to cure notice giving them a chance to catch up on payments before repossession. Repossession agents must also follow regulations including not breaching the peace during the repossession process.
