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Can a cosigner of a car loan that has been repossessed get a lien on his house by the finance company?
Wiki User
∙ 12y ago
AFTER the lender gets a JUDGEMENT, there are other legal options available to the lender. A lien on other property is one of them. This is MAJOR the drawback to CO-SIGNING.
AnswerUnlikely even though they threaten to especially if the deficiency is less than $10,000. Most lenders will run the maker down and garnish or levy but if all else fails they may try to tap you for some of it. Def's are hard to collect consuming resources of the lender including POOP money ( paid out of pocket ) labor, time, Attorney fees etc.. Most would rather have a payment plan with prompt payments. Then you can beatup the maker every month for the payment or at least some of it. ;) HOWEVER, as co-maker, your credit, income, ability and willingness to pay and assets may be evaluated and the def pursued. Best bet is to protect your credit and pay the car off, sell it for whatever to recoup some of the $ and take your hit. You can post a note on your credit report explaining the late payments.Wiki User
∙ 12y ago
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If you Co-sign auto loan and the person defaults on the loan- can the finance company take your house?
No. If you cosign on a car loan and the person defaults, the finance company can not take your house in this state. After the finance company seizes the car, both you and the other person would still owe the unpaid balance of the loan.
Can a mortgage company put a lien on my moms paid off home if she is a cosigner for my mortgage that is deliquent?
Yes, the mortgage company can do that. She co-signed for the loan and is responsible for it if you don't pay. She can lose her house.
You want your house repossessed?
no i dont think any body would like their house repossessed because that will mean your a tramp, then u will be put in a dangerous place .. :'(
If the borrower cannot make the payments but the cosigner does can the mortgage company still take the house?
Not if the cosigner has been making the payments on time. But often the cosigner doesn't know the loan is in default until it is past due 30 days or more, so if you have received two or three (depends on state laws) Right To Cure Default letters, the bank can foreclose.
If you have never had a car repossessed you have had a house repossessed Can I still get a car loan?
Most likely not depending on what financial situation you're in.
How do you find a finance company to finance a house during chapter 13 bankruptcy?
In a rough market such as this one, you can't!
If you Co-sign auto loan and the person defaults on the loan- can the finance company take your house?
No. If you cosign on a car loan and the person defaults, the finance company can not take your house in this state. After the finance company seizes the car, both you and the other person would still owe the unpaid balance of the loan.
What happens if you get your car repossessed?
if i get my car repossessed, can they put a llien on the house?
Can a mortgage company put a lien on my moms paid off home if she is a cosigner for my mortgage that is deliquent?
Yes, the mortgage company can do that. She co-signed for the loan and is responsible for it if you don't pay. She can lose her house.
Is the cosigner responsible for other debts beside the item such as house rental he has cosigned for?
A cosigner is only responsible for the items that he has cosigned for.
This car has been abandoned at my house and is up for repossession. Will you come get it without me paying for all these FREE things that are not free False advertizing! Why should I pay when I am doing the finance company a favor?
Can I find out who the finance company is for FREE?
Why won't they finance autos?
There are several reasons on why a finance company will not finance someone. the main reason is a repossession after a bankruptcy. Another main reason is the "lender" sees that you are about to file bankruptcy or they find out you are about to. It is very hard to finance based on cost and mobility. Sometime a mortgage is easier to get because you cannot move a house to the opposite coast overnight. Those are just a few reasons on why a finance company might not finance you.
You want your house repossessed?
no i dont think any body would like their house repossessed because that will mean your a tramp, then u will be put in a dangerous place .. :'(
When was Kuwait Finance House created?
Kuwait Finance House was created in 1977.
What is Kuwait Finance House's population?
Kuwait Finance House's population is 2,000.
If the borrower cannot make the payments but the cosigner does can the mortgage company still take the house?
Not if the cosigner has been making the payments on time. But often the cosigner doesn't know the loan is in default until it is past due 30 days or more, so if you have received two or three (depends on state laws) Right To Cure Default letters, the bank can foreclose.
How is house of finance written in Hebrew?
house of finance = beit otzar (בית אוצר)
