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Can you be held liable for difference of loan and what is sold for after repossion.?
Wiki User
∙ 15y ago
Absolutely. Conversely, of course, you are also entitled to any excess money if the auction sale price exceeds your loan amount, but that (almost) never happens- the creditor will most likely try to turn the difference into a judgment against you. good luck-
Wiki User
∙ 15y ago
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When does a repossion occur?
When you fail to pay for something that is security for the loan.
If your husband is a co-applicant for a mortgage loan can you be held liable for the debt if the loan is in default?
Keyword here is "Co-applicant" ... Both of you are equally responsible and liable for the debt. If your name is not listed on the mortgage deed, then there would be little recourse in coming after you for the amount owed.
If you co sign for an auto loan and the person you co signed for is in an accident can you as the co signer be liable for injuries or damages?
No, you can only be liable for the loan. If the car was totaled and did not have insurance then you can be held responsible for the balance on the loan. Any accident or damages that occurred would be the responsibility of the driver/owner of the vehicle. All your signature did was say that you will pay the loan if the borrower fails to do so.
If you cosigned on a car loan and car was repossessed 5 yrs ago and now the creditors are harassing you but you don't work and have no way of paying can your husband be held liable if he did not sign?
The spouse cannot be held liable, however it is quite possible that the debt is no longer valid for collection. The person who cosigned the loan should find out what the SOL is in the state in which the contract was signed.
How long are you liable for student loan?
Forever.
Can a cosigner be held liable for primary owners parking tickets?
only the people on the title are responsible for tickets. cosignors are on the loan and they will pay-pay-pay don'tcosign on anything
Can a parent who cosigns a vehicle loan for their child be held liable for any accidents if the vehicle is titled in the child's name?
It is the insured that is liable not the loan signers. Although if you live under your parents roof and are legally dependant then they could be sued but it is highly unlikely that they would be held accountable. Anyone can be sued for anything in this country but it is the courts that determine the success or failure of the suit. Tell Dad that You are the defendant in a suit not Him. Y-THINK-Y
Will your husband be liable if the Home goes into default and the home is in the wife's name?
your husband will be liable only if his name appears on the loan or mortgage documents as a co-guarantor of the loan
Is family liable for payment on a repossessed car?
Whoever's name is signed on the loan paperwork is the one liable.
How long after the borrowers death is the co signer liable on a loan?
Until the loan is paid.Until the loan is paid.Until the loan is paid.Until the loan is paid.
Are you liable for a car loan if the owner files bankruptcy and the car was charged off?
That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).
What are some of the services that commercial mortgages provide?
Commercial mortgages provide loans for business properties. Many provide nonrecourse loans which means if a loan defaults, the property can be seized but the defaulter can not be held liable for additional money like a home loan can.
