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Yes. Both are equally responsible for paying off the debt.
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∙ 9y ago
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Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
How do you get co borrower off your home loan?
You will have to refinance the debt with your creditor, and qualify for the debt on your own merit. The co-signer will have to file a Quit Claim Deed.
Is a creditor required to notify a co-borrower of a potential default before submitting negative information?
Your question reads, "Is a creditor REQUIRED.." If you mean "by law," the answer is mostly no, but it varies from state to state. If you mean "by common decency," then I should answer Yes. Most times, if the co-borrow is a wife or significant other, the creditor will not bother to notify the co-borrower. However, "defaults" come in all shapes and sizes. Some are reversible, like a negative credit reporting. Some are not, as in a Judgment.
Can a bank garnish wages of a co-signer in Georgia if the primary signer has claimed bankruptcy?
Yes, The bankruptcy of the borrower does not protect the co-signer. The bank howevermust obtain a judgment against the co-signer prior to garnishment.
Is a co-signer and a co-borrower the same thing?
Yes. Both assume the obligation in the contract or note.
Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
If there is a primary borrower and co-borrower on an auto loan do both get credit reported?
Yes.
How do you get co borrower off your home loan?
You will have to refinance the debt with your creditor, and qualify for the debt on your own merit. The co-signer will have to file a Quit Claim Deed.
If in Maryland can they repossess the car if the creditor notifies you but not your co-borrower?
Yes read your loan agreement. NO this is not correct. THEY MUST INFORM BOTH PARTIES FIRST there is a great site in for Our laws in md www.dllr.state.md.us
How long will the chapter 12 bankruptcy 'stay for co-borrowers' be in effect against you when a debt that your husband filed under is paid off?
I may not understand the question, but assuming you are the co-borrower, then the co-borrower stay is not "against" you but actually is protecting you. A co-borrower stay keeps the creditor from suing the co-borrower so long as the debtor in bankruptcy is paying the debt in full through his or her bankruptcy. So, if your husband paid off the debt in full that you were a co-borrower on, then you don't really need the protection of the co-borrower stay anymore since the creditor is paid in full and is satisfied. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Is a creditor required to notify a co-borrower of a potential default before submitting negative information?
Your question reads, "Is a creditor REQUIRED.." If you mean "by law," the answer is mostly no, but it varies from state to state. If you mean "by common decency," then I should answer Yes. Most times, if the co-borrow is a wife or significant other, the creditor will not bother to notify the co-borrower. However, "defaults" come in all shapes and sizes. Some are reversible, like a negative credit reporting. Some are not, as in a Judgment.
Can a bank garnish wages of a co-signer in Georgia if the primary signer has claimed bankruptcy?
Yes, The bankruptcy of the borrower does not protect the co-signer. The bank howevermust obtain a judgment against the co-signer prior to garnishment.
Can a spouse's income be used on a mortgage loan if she is not a co borrower?
Simply put, no. The only income that is documented is of that person(s) who is on the loan; borrower, co-borrower, or both. The banks check thoroughly in processing/underwriting.
Who is responsible for School debt after death?
The borrower, i.e., the person who signed the note, is responsible for payment. If the borrower has died their estate is responsible. If there is no estate the creditor is out of luck. If there was a co-signer then they will be held responsible for paying the debt.
Is a co-signer and a co-borrower the same thing?
Yes. Both assume the obligation in the contract or note.
Does the co-borrower have any legal options to recoup losses against the other co-borrower when they default and they have to sell the car?
No. Not unless the co-borrower paid the vehicle off and does not have possession of the vehicle. If the vehicle was repossessed both parties are responsible for any outstanding debt.
As co-borrowers do both credit scores count?
not always, in most cases whoever makes the most income is the primary borrower on the loan and the co-borrower is usually there for extra income and not their credit score.
