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Can a cosigner have their names removed from a loan when a bank failed to secure proper assets of the borrower?
Wiki User
∙ 12y ago
You need to consult with an attorney or a representative from the state attorney general consumer division.
You need to consult with an attorney or a representative from the state attorney general consumer division.
You need to consult with an attorney or a representative from the state attorney general consumer division.
You need to consult with an attorney or a representative from the state attorney general consumer division.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoYou need to consult with an attorney or a representative from the state attorney general consumer division.
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Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
Can a cosigner ask a lender to garnish the wages of the primary borrower?
A lender can't garnish wages; that has to be done by court order. That can be accomplished, but usually only after the lender has made the cosigner responsible for the debt and failed to collect. After all, that's the responsibility of being the cosigner -- to provide payment should the primary borrower fail to pay.
Can a wife be held responsible for debt her husband incurs due to a failed business venture?
No, unless she were a co-owner of the business or a co-borrower of cosigner of loans that were business related. A creditor might try to hold a spouse responsible if the couple reside in a community property state. In such circumstances the non owner spouse might wish to consider using an "innocent spousal defense."
What is Equity Redemption?
The right of a mortgagor, that is, a borrower who obtains a loan secured by a pledge of his or her real property, to prevent foreclosureproceedings by paying the amount due on the loan, a mortgage, plus interest and other expenses after having failed to pay within the time and according to the terms specified therein.This right is based upon the equitable principle that it is only fair that a borrower have a final opportunity to keep his or her property even if he or she has failed to make payments on the mortgage, since the property is to be sold in foreclosure proceedings.
What authority does the Federal Deposit Insurance Corporation have?
The FDIC may liquidate the assets of failed institutions to reimburse the insurance funds for the cost of failures. It also has the power to set interest rate limits and approve bank mergers.
Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
Can a cosigner ask a lender to garnish the wages of the primary borrower?
A lender can't garnish wages; that has to be done by court order. That can be accomplished, but usually only after the lender has made the cosigner responsible for the debt and failed to collect. After all, that's the responsibility of being the cosigner -- to provide payment should the primary borrower fail to pay.
What is the borrower failed to pay is co borrower liable for it?
Yes. Completely.
What is a failed extubation?
A Failed Extubation is when a breathing tube cannot be removed from the patient.
Can a wife be held responsible for debt her husband incurs due to a failed business venture?
No, unless she were a co-owner of the business or a co-borrower of cosigner of loans that were business related. A creditor might try to hold a spouse responsible if the couple reside in a community property state. In such circumstances the non owner spouse might wish to consider using an "innocent spousal defense."
Can a co-signer take possession of a car if the primary borrower does not have auto liability insurance in Texas but the lender has taken out insurance to cover the car?
Yes, They can because that means that the primary borrower has failed to meet the requirements of the lender by maintaining coverage on the car. You are already in Default and subject to Repossession by not having the vehicle insured. This failure also increases the risk to the cosigner who is a guarantor on the note. If they decide to Repossess the vehicle and call in the note, your cosigner can be sued and will be held jointly and separately liable for the entirety of original note he cosigned as well as any new charges that have been added due to the primary borrowers breech of contract.A co signer can take charge of the car if the person they cosigned for is not able or does not do what they agreed to. When a financial institution takes out insurance on the car it is to solely keep the institution from being sued, it is not to fix or cover the borrower in anyway, but the borrower will have to pay for the insurance that the financial institution takes out, they usually put it onto the end of the note. Best to keep insurance on the car.
What can a cosigner do to get released from a car sale contract?
You do not have to go through a different lender. Many lending institutions have a program called "release of responsibility". They will require that you apply with them and will make sure that you are credit worthy and budget for the payment. If you do not qualify, you may want to try to re-finance with a different lender.
What military mistake did Hitler make in regard to England?
He failed to concentrate his air forces on English aviation assets and radar facilities.
Shouldn't you been notified from a collection agency that they would charge off an telephone bill if you co-signed for it for someone else?
It would depend on the agency's established collection procedures. Usually the cosigner is notified after all attempts to collect from the original debtor have failed. The CA will then attempt to collect the debt from the cosigner before deciding whether to inititate legal action.
What is Equity Redemption?
The right of a mortgagor, that is, a borrower who obtains a loan secured by a pledge of his or her real property, to prevent foreclosureproceedings by paying the amount due on the loan, a mortgage, plus interest and other expenses after having failed to pay within the time and according to the terms specified therein.This right is based upon the equitable principle that it is only fair that a borrower have a final opportunity to keep his or her property even if he or she has failed to make payments on the mortgage, since the property is to be sold in foreclosure proceedings.
Why does your head lights stay onin my neon when the key is removed?
your day light driving module could have failed.
What should be used in a life threating emergency when all other ways to control bleeding has failed?
A tourniquet can be used if applying pressure and dressing it has failed and should not be removed until at a hospital or medical facility.
