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Can you get out of being a cosigner if the other primary borrower lied on the contract about financial stability?
Wiki User
∙ 10y ago
It is unlikely that the lender would allow you to be removed. A person who needs a co-signer is a credit risk. You agreed to guarantee that the loan would be repaid in spite of that risk. You may be able to sue the primary borrower but it is unlikely they could pay a judgment.
It is unlikely that the lender would allow you to be removed. A person who needs a co-signer is a credit risk. You agreed to guarantee that the loan would be repaid in spite of that risk. You may be able to sue the primary borrower but it is unlikely they could pay a judgment.
It is unlikely that the lender would allow you to be removed. A person who needs a co-signer is a credit risk. You agreed to guarantee that the loan would be repaid in spite of that risk. You may be able to sue the primary borrower but it is unlikely they could pay a judgment.
It is unlikely that the lender would allow you to be removed. A person who needs a co-signer is a credit risk. You agreed to guarantee that the loan would be repaid in spite of that risk. You may be able to sue the primary borrower but it is unlikely they could pay a judgment.
Wiki User
∙ 10y ago
Wiki User
∙ 10y agoIt is unlikely that the lender would allow you to be removed. A person who needs a co-signer is a credit risk. You agreed to guarantee that the loan would be repaid in spite of that risk. You may be able to sue the primary borrower but it is unlikely they could pay a judgment.
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If you are being sued for subrogation on a co-signed vehicle and need to file a cross-complaint against the primary borrower should you sue for damages breach or breach of contract?
The cosigner did not have a contract with the primary borrower, only with the lender; that being the case the cosigner would sue for his or her financial losses not for a breach of contract.
How long does a cosigner need to be on the contract?
untill its paid off * The other option is for the primary borrower to have the loan refinanced without the participation of the original cosigner.
What does it mean to be a cosigner for a car?
With your good credit you sign a contract to pay off the loan if the original borrower defaults.
If a child defaults on a student loan co-signed by a parent can the parent sue the child to recover the amount they are forced to pay?
No, when the parent cosigned the loan, they agreed to pay what the child couldn't. * Yes, the contract that was cosigned was between the borrower's and the lender. A cosigner has the legal right to file suit against a primary borrower for financial damages incurred due to the primary borrower defaulting on the contract.
Is the cosigner the only one responsible on the loan?
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).
If your cosigner defaults on other loans but you are making your payments can they repossess your vehicle?
No. You are the primary borrower and are honoring your financial obligation.
Once the cosigner signs the contract can the borrower take more money out?
Not w/o the knowledge and consent of the co-signer.
Who gets garnished for student loan The borrower or the cosigner?
the borrower
What is the insurance liability for the cosigner of an auto loan?
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.
How old must you be to cosign for a car?
A cosigner must be at least 18 in most states. However, you also need some financial stability to be accepted as a co-signer because if the primary borrower fails to pay you will be held responsible for paying off the loan even though you have no ownership of the car. If you don't pay your credit will be ruined.A cosigner must be at least 18 in most states. However, you also need some financial stability to be accepted as a co-signer because if the primary borrower fails to pay you will be held responsible for paying off the loan even though you have no ownership of the car. If you don't pay your credit will be ruined.A cosigner must be at least 18 in most states. However, you also need some financial stability to be accepted as a co-signer because if the primary borrower fails to pay you will be held responsible for paying off the loan even though you have no ownership of the car. If you don't pay your credit will be ruined.A cosigner must be at least 18 in most states. However, you also need some financial stability to be accepted as a co-signer because if the primary borrower fails to pay you will be held responsible for paying off the loan even though you have no ownership of the car. If you don't pay your credit will be ruined.
How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
How do you the cosigner sue primary borrower?
The cosigner can sue the primary borrower by taking legal action in a court of law. This typically involves filing a lawsuit against the primary borrower for failing to make payments as agreed upon in the contract or agreement. It is advisable for the cosigner to consult with a lawyer to understand their legal options and the process for suing the borrower.
