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When you cosign you are taking on all responsibilities of paying that debt. If this person you loaned the money to is bankrupt then it's like getting blood out of a turnip. Going bankrupt means you don't have any assets or money. To be honest, most people (if in business) do have spare cash stashed away and also assets, so if this is the case please seek legal counsel. Good luck Marcy
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∙ 18y ago
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Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
When primary borrower files bankrupt how is cosigner affected?
The lender can go after the co-signer. If you are the co-signer you should consult with an attorney who can review the situation and explain your position.
Who gets garnished for student loan The borrower or the cosigner?
the borrower
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
Does the cosigner have any recourse if the primary borrower has decided not to pay on time or the full amount?
Not really, no. You can sue him for damages, but ... that takes time. And maybe there is not much to collect anyway.
Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
How can a cosigner sue estate of deceased borrower?
Consult with an attorney who can review your situation and explain your options, if any.
Can a cosigner sue the primary for the full amount of loan when the cosigner pays it off?
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
If you are being sued for subrogation on a co-signed vehicle and need to file a cross-complaint against the primary borrower should you sue for damages breach or breach of contract?
The cosigner did not have a contract with the primary borrower, only with the lender; that being the case the cosigner would sue for his or her financial losses not for a breach of contract.
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
When primary borrower files bankrupt how is cosigner affected?
The lender can go after the co-signer. If you are the co-signer you should consult with an attorney who can review the situation and explain your position.
Who gets garnished for student loan The borrower or the cosigner?
the borrower
Can the lending company sue the cosigner on an auto loan if borrower doesn't make payments?
Of course. That's what co-signers are agreeing to when they co-sign.
If the cosigner decides to pay off the loan to clear their property used for collateral can they put a judgment on the primary loan holder to collect the amount paid off?
Yes, the cosigner can sue the primary borrower if they can prove the money paid on the exisitng loan was a loan to the borrower and the person had knowledge of and agreed to the action.
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
Is there a way for the cosigner to be removed as cosigner if primary owner defaults?
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
How do you the cosigner sue primary borrower?
The cosigner contacts an attorney who will process the paper work for him. Or, the cosigner can file the suit (foolishly) pro se (on your own). Or, the cosigner can file the suit in small claims court. What is important is that the cosigner can show significant and real damages before filing, or hope he is not filing in a state that will bring criminal charges for filing a frivolous law suit.
