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A signature is effective only on and to the original document to which it was affixed. It cannot be 'transferred' to any other document.
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∙ 7y ago
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If the primary lender loan discovers that the cosigners signature was forged can the primary repo the vehicle no matter what the time of discovery?
If the signature was not only forged but done without the knowledge of the person, the party involve has a bigger problem than a "repo". Be that as it may, the agreement was made fraudulently and the lender has the right to reposession and recovery of expenses, by whatever means necessary.
If cosigner pays off a defaulted loan is there a way to have a repossession removed from cosigners credit?
The LENDER put the repo on there so they will be the one to take it off. NEGOTIATE.
Can the cosigners spouse get charged?
YES the lender can garnishee the co-signor (NOT co-signors spouse) as well as the signor. Just as the lender CANT garnishee your spouses wages. ONLY those signors of the contract are subject to any collection activities.
If you are in Foreclosure with a Sheriff sale pending can the lender transfer your loan to a different lender?
In Texas they can.
Does a quitclaim affect the mortgage?
Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Is it possible to transfer car finance to someone else?
Yes, if the lender holding the lien agrees. Talk to the lender.
Is there a grace period for cosigners to make a payment once they are notified of the primary borrower's failure to make one?
It's possible but not a common practice. It would be at the discretion of the lender,or maybe included in the financial agreement.
Can I Transfer a mortgage in foreclosure to another name?
No. You have no authority to transfer a mortgage unless you are the lender. The lender can assign its rights under the mortgage to another lender. If you are the owner of the property transferring the property to another will violate the terms of the mortgage and may incur added expense to the foreclosure costs.
How can you transfer your mortgage to a friend?
You cannot transfer your mortgage to your friend. The lender owns the mortgage. You must discuss the situation with your lender to determine if it will allow your friend to assume the mortgage obligation. If so then you can convey the property to your friend by deed and the lender will execute an assumption agreement with the new owner.Mortgages have a due on transfer clause. That means if you transfer the property to a new owner the full amount of the mortgage will become due immediately as you agreed when you signed the mortgage. You will be the one responsible for paying and not the new owner. Remember that the person you transfer the property to did not apply for the mortgage and was not approved by the lender.
What to do if a person forged a cosigners signature on a car loan are they still responsible?
It's fraud, and obtaining money or goods under false pretenses, and forgery. In other words, a crime. The dealer or lender should have verified ID before they let just anyone sign their name. You shouldn't be responsible if you never signed it, but you would definitely have to pursue legal action against the person who forged your name.
How can you sell your motorcycle if you still owe on it?
Sure. To transfer title, pay the lender and the lender will sign off, then whatever is left from the sale, you get to keep.
What exactly is a signature loan?
A signature loan is a fixed interest rate loans offered to borrowers who are able to meet the specific credit standards required by the lender of the funds.
