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Does a consigner of a note agrees to pay the loan balance if the original debtor defaults on the payments considered as insurance?
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If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
Does mortgage insurance protect the bank's interest on a foreclosed loan?
Mortgage insurance protects a lender from loss, subject to contractual limitations between the bank and the mortgage insurer, if a borrower defaults. A bank that is forced to foreclose on a property due to a borrower default is still at risk of losing money since the mortgage insurer covers only a specified percentage of the original loan amount, typically 20% to 50%. Mortgage insurance will mitigate losses incurred by a bank due to a foreclosure but does not fully protect the bank from losses.
Would a cosigner be liable for debt?
Absolutely ! That's the whole point of someone co-signing the agreement. If the original person defaults on payments, the co-signer becomes liable !
How can you find a life insurance policy if you have insurance company name and policy number?
You can call the insurance company and provide your policy number, and they can provide any details on your policy, or send a duplicate policy if the original was lost.
If you get a title comittment do you also need title insurance or does title comittment mean you get title insurance also?
A title commitment is just what it is. It's a commitment. Meaning as long as all of the conditions are met on that commitment, after closing, title insurance will be issued. A commitment is not considered insurance. Your title is not insured until after closing when the new deed and/or mortgage has been recorded. At that point, the title company issues insurance. If you are buying a new home and depending on where you are, you should receive your title policy about 60 days after closing along with either the original or a copy of your deed.
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.
Does your proof of insurance that you carry in your car have to be the original or can it be a copy of the original?
Your insurance company will give you a insurance card with all of the information needed for proof of insurance. Show that to whoever is interested.
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
Does mortgage insurance protect the bank's interest on a foreclosed loan?
Mortgage insurance protects a lender from loss, subject to contractual limitations between the bank and the mortgage insurer, if a borrower defaults. A bank that is forced to foreclose on a property due to a borrower default is still at risk of losing money since the mortgage insurer covers only a specified percentage of the original loan amount, typically 20% to 50%. Mortgage insurance will mitigate losses incurred by a bank due to a foreclosure but does not fully protect the bank from losses.
If Im not the original owner of vehicle how do I get insured on the vehicle?
You do not have to be the original owner to be on the insurance. You just need to call the insurance carriers company and ask that you be added as a driver on that vehicle.
How long after buying a car in California do you need insurance on it?
you have ten days from the original date of purchase to have insurance and have the car / vehicle registered in your name you have ten days from the original date of purchase to have insurance and have the car / vehicle registered in your name
What is Medicare Supplemental Insurance?
Medicare supplemental insurance is insurance that helps cover some of the healthcare cost that the original medicare doesn't cover. This type of insurance also covers certain policies that the original medicare itself doesn't cover such as being ill when outside of the US.
Is Original Rotel milder than Mild Rotel?
Original is hotter than Mild. Original is considered the basis of the Rotel heat scale, so any of the other heat ratings are in relation to original. Mild is considered milder than that of Original
Would a cosigner be liable for debt?
Absolutely ! That's the whole point of someone co-signing the agreement. If the original person defaults on payments, the co-signer becomes liable !
Who is responsible when the driver of the vehicle was excluded from the insurance policy?
Car insurance typically follows the owner of the vehicle, not the driver. In the cae of an "excluded driver", unless that driver has his own policy that assumes coverage for a "borrowed" car, the original vehicle owner would be considered pursuable as an uninsured motorist.
What is contingent owner on life insurance policy?
The new owner of a life insurance policy if the original owner dies before the insured.
Do you have a right to take a car away if you are the cosigner?
Well if the original person that you co-signed with defaults on the payments and you are stuck with the payments, technically it is your vehicle and you can take the person to court and take control of the vehicle.
