Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?
The co-signer has no inherent authority to "call for" the payment in full of the loan. If the primary borrower is missing payments it is likely they cannot afford to repay the loan. In fact, if payments are being missed by the primary borrower the co-signer's responsibility will kick in and the lender will go after the co-signer for full payment of the loan. The co-signer has no inherent authority to "call for" the payment…
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement. The exception to this would be if the cosigner is a joint title holder of the vehicle. COSINGER! Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
When you co-sign a loan, you are promising to pay off the loan in the event the primary borrower isn't able to. When you co-sign a loan, that loan appears on your own credit history too. (As such, it may limit your own ability to get a loan for yourself. For example, while you may co-sign a loan for a friend's car, you may not be able to get a loan for your own car…
Would it be better for the parents to be the borrower rather than the cosigner for their kids on a refinance?
You should understand that if you co-sign a loan then you will be responsible for payment if the borrower defaults. Your credit will be affected by any late or missed payments because you will be held legally responsible for the loan in every sense. It sounds like you may be inquiring about a mortgage refinance. The borrower will be the owner of the property. The co-signer is the volunteer who guarantees the loan will be…
My exwife didn't pay for car loan tow company got car do i have to pay as a cosigner if car is gone?
As a former banker, I was often asked this type of question. A cosigner is a person who is legally obligated to the lender (usually a bank or a finance company) to repay a loan that may, or may not, have benefited the cosigner. By signing the loan documents, the cosigner assumes equal and full responsibility to repay the loan. Note the term 'equal' - most financial institutions make no distinction between who signs the…
If a co-signer has taken possession of a vehicle because the borrower became delinquent is the co-signer now responsible for all payments on the car?
If the primary borrower has defaulted on the vehicle loan, the co-signer will need to make regularly scheduled payments and any that have been missed. If the co-signer is unable to do this, the vehicle may be repossessed by the lender. In which case both the primary borrower and co-signer will be responsible for any deficiency and fees incurred when the vehicle is sold. The repossession will also appear on both person's credit report. It…
Perhaps if they bought it after you defaulted or had a history of late or missed payments. Perhaps if they bought it after you defaulted or had a history of late or missed payments. Perhaps if they bought it after you defaulted or had a history of late or missed payments. Perhaps if they bought it after you defaulted or had a history of late or missed payments.
If im making payments on your carand you have a co-signer when you pay the car off can the co-signer take the car?
No. A cosigner is basically a "lender of money." The cosigner is actually taking out the loan and is responsible for paying that debt off should the person the loan is for defaults. If you haven't missed any payments (more than two) and have paid the debt off then the car is yours to do as you want with it. Marcy
A common misconception is that the "cosigner" is not financially responsible for the security of the loan/lease (the car) until after the primary has defaulted. Nothing could be more wrong. The primary and cosigner are simply terms used to differentiate between the two signors. Legally, both are equally responsible for the debt, from the signing of the document until the last payment is made. If payments are missed, both will have their credit rating dinged…
Can the mortgage company at any time take your home away if you are still making payments after bankruptcy?
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
The Lend America program "Hope for Homeowners" is designed to help homeowners who cannot afford their present payments due to escalating interest\,etc. The new mortgage is based on the value of the home and the income of the borrower to ensure a reasonable ability for borrowers to be able to make their new payments.
You can sue for anything if you can find a lawyer to take the case, but collecting would be something else. You cosigned, promising the bank that you would make any payments that the borrower did not. THERE IS NO AGREEMENT THAT SAYS THE BORROWER WILL REPAY THE COSIGNER. IOW, you are SOOL. After months of unsuccessfully trying to get the person I cosigned the loan for to pay his bill - I sued him…
Can the Lien holder repo a truck if there have been payments made by the driver within the last 96 days?
When even one payment is missed the agreement is considered in default, and the lender has the legal right to take whatever action they deem necessary to secure their financial interest in the property. Unless all missed payments and applicable fees are brought current and the creditor agrees to allow the borrower to continue with the agreement, the vehicle can be repossessed.
If you have reaffirmed your house in bankruptcy but then got behind again after being discharged what happens?
Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.
If you are a cosigner for your son's car loan which is at the same bank where your account is is it legal for the bank to take his missed payment out of your account without any notice?
Yes. When a loan is held at the same bank where the borrower or cosigner have accounts the lending agreement will include a "set off" clause which allows them to legally remove the amount owed for the loan payment or in some cases of default the entire amount of the loan (or account). Actually, this is a favor. The missed payment will not affect your credit score. This puts the issue back in your court…
I am going to get a loan for a new truck. My father is going to cosign for me. Since he is the cosigner is it legal for him to take the truck from me if he wishes?
Technically you are eligible for foreclosure the day you miss a payment, but in practice this is never the case. Most lenders will begin the foreclosure process after 3 payments are missed, but that does not mean the home will be foreclosed. Many lenders are required by law to work with the borrower to modify the loan, or otherwise demonstrate significant effort to avoid the foreclosure. Many foreclosures take 6 months to a year to…
You might want to talk to the credit consultant who is dealing with your car loan. Most times they will do it, but it matters who you are dealing with. I am a co-signer and the primary is currently wishing to add 2 payments to the end of the loan. In the State of California, the primary and co-signer both have to sign an agreement to put the payments at the end of the loan…
How much time does the creditee have to give back the vehicle after a bankruptcy court grants a Release Of Motion To Stay?
That's the decision of the lender. The lender can take repossesion of the vehicle immediately. Sometimes a lender and borrower can come to an agreement to make up any missed payments and adjust payments so the car can be kept. The BK court does not usually take action involving secured debts. Unless there is a forced sale of such property.
Can a co-signer take the vehicle away from the primary buyer even if they have not missed a payment?
Of course not. The car belongs to the person listed on the title and to the lender who holds lien rights, and not to you. You own nothing here. The only interest you have in this vehicle is that you have guaranteed to pay the loan if the primary owner does not. They are making payments, so what is your problem? You have no rights to the vehicle at all. If you were to take…
means your up to date with your monthly payments in the past 7 mths (past) 1111111 (present) if you have a 2s or 3s in the series of numbers ... ie) 111231121 it means you have been behind with your monthly payment that paticular month. 1s mean paid monthly payment on time 2s mean 30 days (missed one payment) 3s mean 60 days (missed two payments) 4s mean 90 days (missed three payments)
All states require that the borrower gets at least some notice before his house is sold. If it is a judicial foreclosure the borrower will get 15 to 30 days time to respond to the court complaint that states the foreclosure lawsuit. In some states notice of intent to begin foreclosure proceedings will be given to the borrower. When the foreclosure approved by the court and the order of sale is made, the notice will…
If you fail to pay credit card payments on time how long will the missed payments be reported on your credit report?
You missed one and a half payments but you sent half of one full payment can your car still get repoed?
Can the bank or the repossession company charge a fee if the car was never recovered by them and the loan was paid off?
Yes, if the lending agreement was in default and the lender found it necessary to implement collection or repossession action at their expense. The majority of financial contracts contain clauses allowing the lender to charge the borrower additional fees and penalties for, late or missed payments, collection or repossession costs, and so forth.
If a car was not included in your bankruptcy but you later change your mind and decide to stop making payments can the lender have a judgment issues for the balance?
I assume you took over the payments after the other owner missed payments. If you are caught up on all the payments then there would be no reason for them to repossess the vehicle. You need to contact the lender ASAP to make sure everything is fine. Failure to contact the lender may create a bad situation.