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2015-07-15 18:39:09
2015-07-15 18:39:09

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.

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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.


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 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 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 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.


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 afterwards. ) So, YES, as the co-signer you will be responsible for any missed payments by the primary borrower. After three missed payments the bank may not pursue you right away, they may continue attempting to get a payment from the primary borrower. However, some banks in some states contact the co-signer after only the first missed payment. While the time period or the bank's exact process may vary, if the primary borrower is missing payments, then it's only a matter of time before the bank does require you to pay. Several studies I have read show that close to 75% of co-signed loans go into default at some point and end up being paid by the co-signer. After all, that is exactly what you are promising to do when you sign on the dotted line. Good luck!


It depends on the bank but generally one missed payment is enough to call the cosigner


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 paid.


It can have a negative effect if the primary borrower doe not make their payments on time. When you co-sign for a loan you are making a guarantee to the lender that the loan will be paid. If you decide to co-sign for someone else you need to make sure you can pay the loan if they stop making payments and you should also make certain the payments are being made on time. Late payments and missed payments will be reported to your credit record as well as that of the primary borrower.


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 contract first or second, both parties are equally responsible. Where the car is or who has possession of it makes no difference. The loan contract is between the borrowers (yes, the cosigner is a borrower) and the lender. Should the loan go in to default (payments late, missed, or completely in default), no matter what personal agreements the cosigner had with the primary borrower about who should make the payments or who has possession of the car, the financial institution will make attempts to collect from both parties and report that information to the credit bureaus where it will impact equally both the primary borrower's and cosigner's credit history, credit score, and affect each party's ability to obtain credit in the future.


That depends on the stipulations of the contract and the laws of the state you reside in. In most cases, the co-signer can use litigation to recover any money they have spent to cover the debt.


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 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 would be advisable to contact the lender to discover what options might be available pertaining to the specific circumstances.


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


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.


Just make a payment. The missed payments will show on your credit report but that's not really bad if you don't miss any future payments.


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. If the contract goes into default, both will be contacted by the lender or its agents. In truth, one should never cosign for anyone if that one cannot be trusted unquestionably and unless the cosigner can afford to pay the loan if that should become necessary.


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.


Yes, I am 27 years old I've had credit history for the past 3 years, I have NEVER missed a payment, always paid on time and I only have two credit cards that are open. I cosigned an automobile loan for a "friend" they paid late twice and I just found out my score is 584. BS right.


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.


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.


The borrower should contact the lender as soon as possible and try to find an equitable arrangement to catch up on missed payments. If the lender is not agreeable to such, foreclosure proceedings will likely be implemented.


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. He got scared because he knew I would get the judgment because he agreed to pay this bill and that's why I cosigned in the first place. He knew a judgment on his credit report would cause him lots of problems. So after he received the court summons and we appeared before an arbitrator he agreed to pay an extra $125 per month to settle the loan faster in exchange for me not requesting a judgment. I also received a signed document by him and the court that if he missed even one payment again - it would go into an automatic judgment on his record for the balance due on the loan plus $500. I'm glad I didn't wait for the loan to go into default and ruin my credit before I took action.


In most cases a lender will file a notace of default after 3 missed payments.


Its usually 3 months when the bank starts the paperwork and harrassing you to make payments


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. If your son cannot pay for the car, then you may need to repossess the vehicle.


Yes, because if you do not make the payments, the missed payments affect his credit report. If you want to own a truck, then buy one using your own cash or credit ability. If you are still a minor, then he has the right and responsibility to help you manage your life so that your are safe.



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