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No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.

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โˆ™ 2006-02-03 00:03:50
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Q: Does a cosigner have to have a job?
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Related questions

Can a student get a student loan without a cosigner when they have bad credit and no job?

no you do have to have a cosigner with good credit in order to get a student loan.


Does the buyer of a car have to have a job if they have a cosighner and for how long?

if you have a good cosigner then all that matters is their credit and work history... if you renage on the deal they go after the cosigner


How do you get a loan if you don't have a job and you have bad credit and no cosigner?

get a fake id


Can you be a co-signer with no job?

You can, but the more likely scenario is that you will be listed as the primary and the person who can pay will be the cosigner to secure the loan. If you are hoping to secure the loan for another party as their cosigner, it is not likely to happen. Unless you are fabulously wealthy, and can provide evidence of this to the lender, you will not be accepted as a cosigner.


If the co-signer do not have enough credit after being the co-signer half year for a car loan because of the co-singer lose the job What will happen to the co-signer?

AnswerIf you have already been the cosigner on the loan, you will remain so until the loan is refinanced or paid in full. It doesn't matter if the cosigner has lost their job or not. As long as the person is making their payments, the cosigner isn't affected at all.Good luck job hunting cosigner! :)


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.


Can you get a student loan with no job or a cosigner?

Definitely, you can easily avail student loans without any cosigner with the help of various types of student loans programs available online. You don't have to be employed in order to get student loans. If you don't have any job then it doesn't matter even then you can get this loan. If you search online you will find various types of private lenders like Sallie Mae, Chase, Wells Fargo etc who offers loans to students without any cosigner. So, you can contact any of them and can get private student loans no cosigner.


What are the benefits of a cosigner?

A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.


How do you get a student loan with bad credit and no cosigner if your Stafford loans don't cover everything?

SOMEONE THATS HAS A JOB.


Can you replace a cosigner for an apartment with another cosigner?

Yes, you can replace a cosigner for an apartment with another cosigner. However, you need to get the consent of the landlord.


If you filed bankruptcy and you have a loan you cannot pay because you lost your hearing and job can they go after the cosigner?

In most cases. yes.


If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.


If we have bad credit will a cosigner help us get a mortgage?

Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.


What responsibility does a cosigner on an apartment lease have?

a cosigner is a person who is responsible for the rest of the rent that you don't pay if u get evicted the person who signed as a cosigner will have to go to court


Does a cosigner have rights to the car even when its paid off?

No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.


Can you be sued in case of an accident as cosigner?

No. The only obligation the cosigner has is to the lender.


What makes a legal cosigner?

Capacity and intent of the cosigner to be bound is required.


What are the legal rights of a cosigner on a mortgage?

legal rights of cosigner on mortgage


Do student loans require a cosigner?

No, for the majority of student loans available in the United States you will not need a cosigner. However, for private loans, you will need a cosigner.


Is the cosigner of a vehicle liable if the it gets repossessed?

Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.


What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?

They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.


Can a cosigner ask the court to garnish the borrower's wages to make the loan payments?

The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.


Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?

YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.


Can you get a student loan without a cosigner?

Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.


Can a cosigner take possession of a car if the primary signer is not paying the payments?

Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.

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