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If the co-signer was forced to pay off the loan they may be able to sue the primary borrower. They need to consult with an attorney in their jurisdiction or file a claim in small claims court if appropriate for the amount of the claim.If the co-signer was forced to pay off the loan they may be able to sue the primary borrower. They need to consult with an attorney in their jurisdiction or file a claim in small claims court if appropriate for the amount of the claim.If the co-signer was forced to pay off the loan they may be able to sue the primary borrower. They need to consult with an attorney in their jurisdiction or file a claim in small claims court if appropriate for the amount of the claim.If the co-signer was forced to pay off the loan they may be able to sue the primary borrower. They need to consult with an attorney in their jurisdiction or file a claim in small claims court if appropriate for the amount of the claim.
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
If the co-signer's name is on the deed or mortgage, their consent is typically required to sell the home. However, the specifics can vary based on the legal agreements in place and local laws. It's best to consult with a real estate attorney for guidance in this situation.
If you are unable to secure a loan or lease without a cosigner, your best option may be to work on improving your credit score or building credit history so that you can qualify on your own in the future. Additionally, some lenders or landlords may be willing to work with you if you can provide a larger security deposit or show proof of stable income. It's also beneficial to explore alternative options such as finding a roommate who is willing to cosign or finding a cosigner through online platforms that connect borrowers with potential cosigners.
Yes
You may want to consider a federal student loan as these types do not require a cosigner.
a co-signer can not be simply "substituted" . A new loan must be structered with the primary and the new co-signer, then the first loan would be paid off.
No, a co-signer is legally and equally obligated until the loan is paid in full or until the loan is refinanced w/o the original co-signer being a party to the action.
you can't anymore. after October 2008 you can only get it with a creditworthy US co-signer. sorry.
no
No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy
Minimum age for federal student loans is 16. Federal loans don't require a co-signer.
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
The cosigner now owes for the loan.
Yes. That is the job of a co-signer, to make sure the signer makes the payments or to make the payments if the signer cannot.
A federal Stafford loan does NOT require a cosigner. If you do co-sign a private loan, both parties have liability to the debt. The co-signer is liable for the balance just as if they had co-signed for the student for a car, signature loan, mortgage, etc. It is just a different type of loan that can be taken out from the bank. Liability standards/payment terms can verify by the qualifications of the co-signer or student - so an inquiry to the banking institution you would do these loans for would be the safest bet.
The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.