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Can you switch the cosigner to the primary?
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
What is cosigner?
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
What is a cosigner?
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
What is cosigned?
A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.
Is it legal to give a verbal consent to be a cosigner?
No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.No. You cannot be considered to be a cosigner unless you have signed the loan documents. The bank needs another party to guarantee the loan will be repaid. By signing you agree to pay the loan in full if the primary borrower fails to pay.
Does the primary signer have to be present for the cosigner to get off of a loan?
no
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.
What are the cosigner's options if the primary defaults on the loan and leaves the country?
To pay the loan.
How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
