No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.
No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.
No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.
No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.
No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.
If the bank has an order from a judge to liquidate or surrender property to satisfy a judgment, then yes, they may.
REO (Real Estate Owned) is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case as the amount owed on the home is probably higher than the value of this foreclosure property. As soon as the bank repossess the property, it is listed on their books as REO, and is categorized as an asset (non-performing).
Yes they can repossess everything that you got a loan for.
Yes they can even though it is on your private propery since you have no longer been making the payments the bank owns it and it is their property and they have the right to retrieve it
It all depends on the description of the property covered by the mortgage. If the entire property was described in the mortgage the bank owns an interest in it. A half cannot be sold unless the bank agrees to partially release that portion from the mortgage.It all depends on the description of the property covered by the mortgage. If the entire property was described in the mortgage the bank owns an interest in it. A half cannot be sold unless the bank agrees to partially release that portion from the mortgage.It all depends on the description of the property covered by the mortgage. If the entire property was described in the mortgage the bank owns an interest in it. A half cannot be sold unless the bank agrees to partially release that portion from the mortgage.It all depends on the description of the property covered by the mortgage. If the entire property was described in the mortgage the bank owns an interest in it. A half cannot be sold unless the bank agrees to partially release that portion from the mortgage.
As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.
You need to ask an attorney. In general, for a secured loan (title of the car is the security) if the loan is not paid, the leinholder (the bank) takes back the property they have not been paid for.
When you signed the contract to buy "your" car, you are also giving written permission for an agent to enter your private property and take back the bank's car. Read before you sign!
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.