Of course. That's what co-signers are agreeing to when they co-sign.
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
That depends on the lending institution, but most lenders will accept an out of state cosigner as long as the person qualifies.
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
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?
The cosigner has the right to file a lawsuit against the primary borrower's to recover his or her financial losses due to the defaulted lending agreement. The procurement of a second mortgage does not seem viable if the primary borrower's credit was not originally sufficient for them to obtain the loan without the need of a cosigner. It is more likely the house will have to be forfeited by means of foreclosure and the cosigner will have to try to recover losses by other means. The primary borrower's best choice is to obtain legal advice as to what their options are before a lawsuit is filed against them.
The primary borrower is always responsible for the debt if he or she has signed a valid lending agreement. It would seem logical that if the lender required the primary to have a cosigner and the named person refused to take on that responsibility then the transaction would not occur.
Contact the lending company.
Forbearance in a lending context is a mortgage lender's delay of foreclosure proceedings in order to give a borrower a chance to bring up-to-date overdue payments.
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.
The purpose of commercial real estate lending is to use the commercial estate as a collateral to secure repayment of the mortgage loan. The borrower may be a partnership, incorporated business, or limited company.