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Can the cosigner remove her name from a loan if the the account was taken to court and judgment was only made against the primary account holder and not the cosigner?
Wiki User
∙ 9y ago
Generally, the co-signerdoes not have any authority or means to remove their name from a loan. That would involve altering the loan documents and the lender's records. The loan is owned by the lender.
Wiki User
∙ 9y ago
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If a cosigner has died and the primary borrower defaults is the cosigner's estate obligated to pay the debt?
Creditors/lenders will attempt almost anything to collect a debt. It is unlikely that a lender could place a claim against a deceased cosigner's estate and be awarded a judgment. But, there are no certainties in the murky creditor vs. debtor arena.
If a primary borrower defaults on a loan and the cosigner sues them will that prevent the lender from being able to take action against the cosigner?
No. The cosigner will still be equally responsible for the debt
What if primary account holder dies and there is a cosigner?
The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.
If the cosigner sues the primary and the primary has never defaulted on the loan will they be likely to win?
If the cosigner has not been financially impacted by the actions of the primary borrower, then there is not valid grounds for a lawsuit. This does not mean the suit could not be brought, but the plaintiff would be wasting time and money as a judgment cannot be awarded where damages have not occurred.
What judgment must be entered for a cosigner to begin a lawsuit against the primary borrower?
There is a bit of confusing concerning the terminology used in the question. A judgment writ is issued to the plaintiff if the lawsuit is won. The judgment can then be executed pursuant to state statutes. The process of filing a lawsuit can begin by contacting the clerk or the administrator of the court of jurisdiction or by retaining legal representation.
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.
Can a collection agency sue a co-signer on a credit card even if the main signer is alive?
Yes, the primary borrower and the cosigner are both equally and legally responsible for repaying the debt in question. A creditor/collector will take legal action against the party which they believe they are most likely to be successful in collecting monies owed. For example, if the cosigner is currently employed and the primary borrower is not, the creditor might "go after" the cosigner in the hopes of obtaining a judgment that can be executed as a wage garnishment.
If the car was repossessed will the cosigner still be responsible for the loan if the primary borrower files for bankruptcy?
NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
How do you remove a cosigner from a credit card?
The way that can be accomplished is determined by the terms of the lending agreement. Very few, if any lending institutions would allow an account to be amended. The usual procedure is for the account to be closed leaving the original cosigner still responsible to the debt incurred up to the time of closure. The primary holder can then open another account on there own or with another cosigner.
What happens when the cosigner dies and the loan is in default?
If the account was secured by what ever was purchased, then it is likely to be repossessed, and regular collection procedures will begin to collect any remaining balance. If the account is unsecured, collections will begin against the guarantor or primary on the account. It is possible that the guarantor may be able to get all or part of the debt covered by any funds available from the cosigner's estate, but this would likely require the assistance of an estate attorney.
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.
Can a cosigner have a primary title holder taken off the title?
If you go to the registration office with the primary and have them give consent to the cosigner
