0
Can you sue someone if they don't pay the loan you co signed for?
Wiki User
∙ 10y ago
yes
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What happens if someone defaults on a car loan that you co-signed for?
You'll be pursued for payment as well. Often, they will concentrate on the cosigner because you're the one who signed agreeing to pay the loan if the other person did not. You're credit will be harmed also.
What is the signed promise to pay back a loan?
It is called a note.
Which of these is a signed promise to pay back a loan?
promissory note
What is a signed promise to pay back loan?
Collateral
How do you get your name taken off of a loan you co-signed for without having to pay the transfer of ownership payment that the borrower does not want to pay?
When you co-sign that is YOUR LOAN! I am sure your banking institution made you aware of this. When one chooses to co-sign it's because the person they co-signed for cannot get a loan for one reason or the other. In over 90% of the cases the person you co-signed for does not pay off the loan. I suggest you go into your banking institution where you co-signed for that loan and make an appointment and see what they can do for you. However you handle this you will be paying out something.
When someone is a cosigner on the loan of your car does that mean he owns any part of it?
when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan
What happens if you co signed a student loan and the primary borrower dies?
Their going to come after you to pay the debt. YOU CO-SIGNED! That means in the event that the primary borrower can not or does not pay the loan you are responsible to pay that loan. There is no way around that.
Do you still have to pay off a loan for a stolen vehicle?
Yes. If you signed for the loan, you signed up to pay it in its entirety. Hopefully, your insurance will cover most of it, but the rest is your responsibility.
What happens if someone defaults on a car loan that you co-signed for?
You'll be pursued for payment as well. Often, they will concentrate on the cosigner because you're the one who signed agreeing to pay the loan if the other person did not. You're credit will be harmed also.
What happens if someone defaults on a car loan that you co signed for?
You'll be pursued for payment as well. Often, they will concentrate on the cosigner because you're the one who signed agreeing to pay the loan if the other person did not. You're credit will be harmed also.
What is the signed promise to pay back a loan?
It is called a note.
Which of these is a signed promise to pay back a loan?
promissory note
Can a bank automatically take a payment out of a co signers acct if loan is late?
Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.Yes, if that is what they agreed to when they co-signed the loan. Remember, when you co-sign a loan you are fully responsible for paying it if the primary borrower fails to pay. The co-signer should review all the documents they signed when the loan was granted.
If your father died and your aunt co-signed a loan for my father can she make me pay it or is she soley responsible?
If your aunt co-signed a loan then she is responsible for paying the loan. That's exactly what she agreed to do when she co-signed. It is not your debt.
How can I take my name off a straw purchase on a car loan?
If you co-signed a car loan you can't take your name off the loan. If you co-sign for someone with no credit or poor credit you are promising to pay off the loan if they don't. The only way to get your name off the loan is to pay it off or have the borrower refinance the loan in their own name.
Do you have to pay a Tennessee title loan back if you never had a clear title?
Absolutely. You still borrowed the funds to purchase the property and you signed a note promising to pay the loan.Absolutely. You still borrowed the funds to purchase the property and you signed a note promising to pay the loan.Absolutely. You still borrowed the funds to purchase the property and you signed a note promising to pay the loan.Absolutely. You still borrowed the funds to purchase the property and you signed a note promising to pay the loan.
If i cosigned on a loan then the person goes bankrupt then they default on a bankrupt what happen?
You signed to guarantee the loan. That means that you guaranteed to pay the loan if something went wrong. Something went wrong so you get to pay the loan.
