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If two people both own a home or are both in the process of paying off a mortgage on a home, one of them can certainly buy out the others interest in that home, as long as both of them agree on the price.
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∙ 11y ago
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Does the co-borrower have any legal options to recoup losses against the other co-borrower when they default and they have to sell the car?
No. Not unless the co-borrower paid the vehicle off and does not have possession of the vehicle. If the vehicle was repossessed both parties are responsible for any outstanding debt.
Can a borrower continue to market a home in foreclosure?
The borrower can sell the house up until the auction is completed. If it does not sell for the amount owed, the borrower may be able to get the mortgage holder to accept a short sale. Watch out for scams in this area.
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
Are co-borrowers and co-signers the same?
It is my understanding that a co-borrower is a person who will also avail of the loan and shares the responsibility of repaying it, while a co-signer guarantees that the borrower(s) will repay the loan, and will be resonsible for it if the borrower does not repay it.
What is the difference between co signer and co borrower?
A co-borrower has an ownership interest in the property. A co-signer guarantees the repayment of the loan although they do not own the property. If the primary borrower defaults, the lender can (and will) go after the co-signer for payment. The loan will usually not show up on his credit report, unless the borrower defaults.
Can a co borrower sell car without borrower consent?
no
Can a co borrower on a home file bankruptcy?
Sure. And yes, it will involve the property and credit of the other co-borrower.
Does the co-borrower have any legal options to recoup losses against the other co-borrower when they default and they have to sell the car?
No. Not unless the co-borrower paid the vehicle off and does not have possession of the vehicle. If the vehicle was repossessed both parties are responsible for any outstanding debt.
Can you sell a car you are making payments co-borrower?
Co-borrowers would both have to agree to sell and sign the paperwork to sell a car you are making payments on. This could not legally be done by one person.
Can a borrower continue to market a home in foreclosure?
The borrower can sell the house up until the auction is completed. If it does not sell for the amount owed, the borrower may be able to get the mortgage holder to accept a short sale. Watch out for scams in this area.
Does the co borrower have any legal options to recoup losses against the other co borrower when they default and they have to sell the car?
Nope, when you cosign the bank doesnt care who the money comes from. If the money doesnt come in your both equaly at fault.
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
Who is held responsible for the loan on a repossessed vehicle?
The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.
Are co-borrowers and co-signers the same?
It is my understanding that a co-borrower is a person who will also avail of the loan and shares the responsibility of repaying it, while a co-signer guarantees that the borrower(s) will repay the loan, and will be resonsible for it if the borrower does not repay it.
What is the difference between co signer and co borrower?
A co-borrower has an ownership interest in the property. A co-signer guarantees the repayment of the loan although they do not own the property. If the primary borrower defaults, the lender can (and will) go after the co-signer for payment. The loan will usually not show up on his credit report, unless the borrower defaults.
What happens if you are a borrower and the co-signer dies?
If the co-signer dies the surviving borrower is responsible for paying the loan.
What is the borrower failed to pay is co borrower liable for it?
Yes. Completely.
