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Can the lender contact the cosigner without trying to contact the borrower first?

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βˆ™ 2015-07-15 21:32:29

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not likely that she has not been contacted. I know how my mom is at 80, she might not know who it was on the phone. Good Luck

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βˆ™ 2015-07-15 21:32:29
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Related Questions

Who do you contact for a cosigner information to show up on their credit report?

You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.


Can the primary borrower be sued by the cosigner if a loan is in default and the lender sues the cosigner?

Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.


Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?

No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.


Can a cosigner ask a lender to garnish the wages of the primary borrower?

A lender can't garnish wages; that has to be done by court order. That can be accomplished, but usually only after the lender has made the cosigner responsible for the debt and failed to collect. After all, that's the responsibility of being the cosigner -- to provide payment should the primary borrower fail to pay.


Does a cosigner need to be a relative of the borrower?

If the lender requires it. They don't always, but it is sometimes preferred.


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


Does the cosigner need to be contacted when the owner stops making payments?

Under federal law, I don't believe the lender has any obligation to contact you as soon as the borrower misses a payment. You need to ask the lender to do it, and get this in writing.


Is the lender obligated to notify a cosigner if a payment is past due in the State of Wisconsin?

No, the cosigner may be the first one the lender attempts to collect from if the primary borrower defaults. That will probably be the only "warning" one receives.


Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?

No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.


Can a lender make you pay for a loan for which you co-signed if the borrower filed a Chapter 7 bankruptcy and is no longer making payments?

You guaranteed to pay the loan if the primary borrower does not. That is what a cosigner does. The lender is going to be looking at you for their money.


What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?

The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.


A person who take the loan called as?

The lender loans money to the borrower.The borrower takes the loan out with the lender.The borrower is then in debt (owes money) to the lender and the lender is in credit with the borrower and will want the borrower to pay him/her back.


What is ordinary time in simple interest?

Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.Any time that the borrower and lender agree to.


What are the consequences of signing a car loan when the primary borrower defaults on the payments?

When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.


Can a cosigner be released if borrower is fraudulent?

You need to discuss the situation with the lender and provide proof that the primary borrower lied on the application. However, the lender may not want to hear your story. You stepped up to guarantee that the loan would be paid. You may need to sue the primary borrower in court yourself if they have defaulted on the loan.


Should a co signer be told if something they signed for is getting repoed?

No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.


Does a cosigner have to have a good credit rating to cosign?

Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.


What are co-sinors rights?

A cosigner has a right to be released from the loan if the borrower has made on-time payments for 48 months. The borrower will need to sign a release form, however, the lender will have to agree to terms.


Is potassium a lender or borrower?

lender


Is phosphorus electron lender or borrower?

borrower


Can a security or bond pledged be sold by the lender without recourse to the borrower?

Yes.


Is the cosigner of a vehicle liable if the it gets repossessed?

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.


Is calcium electron lender or borrower?

lender


Does cosigner have to pay back loan if original signer dies?

Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.


Can you be sued in case of an accident as cosigner?

No. The only obligation the cosigner has is to the lender.