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If you cosigned, you are the borrower if 1st party doesn't pay. they can only put a lien if they get a judgement first. Remember nothing makes a student loan go away-not even a bk. It just accrues interest forever.
Wiki User
∙ 12y ago
Wiki User
∙ 13y agoIf they sue you in court and obtain a judgment lien, yes.
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Can social security take your check if you are a co-signer on a student loan?
If you are on social security you should not be cosigning on a student loan. You would be guaranteeing that if the student doesn't pay off the loan you will. The federal government can garnish your social security benefits to recover student loan payments.
If a student loan is paid in full by the student does the cosigner have to pay the like amount also?
Cosigning means you will pay any amounts the borrower does not pay, so if your son has paid the loan off, it is done.
Does a deferred student loan show up as a lien on a title opinion search when buying property?
You can buy property but if you should ever sell the home the lien will take it part of the money you need to pay and you would get the balance. As far a your student loan that is not a lien. you will have to give up your Income Tax to the person you need to pay until the payment is paid in full.
Is a home equity loan considered a lien?
Yes
How does cosigning for a car loan affect your credit?
No.
Does using your home for collateral put a lien on your home?
Yes. The lien created by using your home as security for a loan is called a mortgage.
Does your credit score drop after cosigning on a loan due to the amount of the loan?
Yes.
If a parent has a son moving out of country and the parent is a co signer on a finincial aid loan can the parent place a lien on his home?
No. Not unless the parent brings a court action against the son and wins a judgment lien. In that case the court will issue a judgment lien that can be recorded in the land records. The son could not sell or mortgage his home unless the lien was paid. On the other hand, the parent could ask the son to grant them a mortgage on his home in the amount of the student loan.
Can a collection agency put a lien on your federal tax refund?
Most definitely for almost any loan. If it is a student loan, you can count on it.
Will cosigning a loan effect your ability to get a loan?
Yes, it will affect your debt to income ratio.
How much will cosigning a student loan lower your credit score?
Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.
How does cosigning for an auto loan affect your ability to get your own auto loan?
Never cosign a loan. While I agree that one should NOT cosign. cosigning can hurt or help. Remember that if they do not pay you have to. Cosigning will affect your credit and count towards your debt to income ratio and show as an open joint auto loan. You might be turned down to get your own auto loan without a cosigner if you cosign.
