You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.
if you have a good cosigner then all that matters is their credit and work history... if you renage on the deal they go after the cosigner
That is an issue between the mortgage company, the buyer and the cosigner. The seller's only worry is selling the property and getting paid.
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt.
No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.
Daughter and husband are getting divorce and she is the co-buyer can she take it out of state
No, a co signor would not be liable. A co-buyer would be liable.
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
For the first-timer, yes; it gives you security in case you can;t do it and will make the bank more likely to consider you. For the cosigner, you better make sure you can keep your word as well.
no It's not required unless your credit is poor.The lender will tell you if you need a cosigner.
yes every home Buyer
Both have a problem and the car will be picked up by the bank.
what was the average age of a first time home buyer i n 1999
Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.
My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.
First home buyer should wait how long before refinancing?
To make the car payments. Just be glad you have the car too.
No. The cosigner would have to apply for a loan in their name using their credit, income data.