Real Estate

Does a cosigner own the property if he pays off the original loan?


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2012-12-24 01:05:19
2012-12-24 01:05:19

The cosigner of the loan owns 1/2 of the property if they are on the title.

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Yes, but the cosigner can only sue for the actual amount that was paid to prevent the loan from going into default. They might even request the title be signed over.

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.

I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.

No, you signed, you are equally responsible for the payments, you are also equally responsible for what happens with regard to default. This is why the lender permitted you to sign as a co-securer of the original loan.

As soon as the loan is paid off. The only way for a cosigner to "remove his name" is to pay off the loan. Since refinancing pays off the original loan (and creates a new one), this would provide an opportunity for the co-signer to opt not to co-sign the new loan.

The creditor will seek repayment of the car loan from the cosigner. As long as the cosigner pays, their credit will not be affected. However, if they are unable or unwilling to pay, the debt will be pursued like any other bad debt, and it will affect their credit rating.

The defaulted debt will become a negative entry on the primary borrower's credit history and will remain for the required 7 years.

A property loan in which property is used as security purpose, Where the borrowers enters into an contract with the loan company where in borrower receives cash upfront of then makes payment in a time period until he pays back the lender in full

The LENDER put the repo on there so they will be the one to take it off. NEGOTIATE.

The lending institution doesn't really care, they'll sue BOTh parties to get their money.

Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.

Possibly, but it is more likely to be the crime of embezzlement or the civil wrong of "conversion", meaning they have taken property with the intent to deprive you of its use permanently. You can sue to have it returned to you, or at least to have your partial ownership recorded on the title.

A sudden debt pay off is when someone pays back a loan quickly.

Yes, but only if you are the cosigner. When you cosign it is usually for these reasons: The person the loan is for is a minor The person has a poor credit rating The person doesn't have collateral When you cosign you are 100% responsible for that debt. All the banking institution is interested in is getting their money, so if the car was repossessed the cosigner has two options ... take over the payments or sell the car and hope it pays off the total loan. It's a smart thing to do so it doesn't ruin one's credit rating. If you aren't the cosigner, but the person the loan went too, shame on you! If you can afford to continue to make payments now, then you could have made those payments on the loan cosigned by someone who was nice enough to do it.

The one who BORROWED the money and/or the on who COSIGNED the loan.

Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.

The joint person is still responsible until the loan is paid off or refinanced out of the person's joint name.

If the second mortgagee forecloses and takes possession of the property it must pay the first mortgage or if they sell to a third party that party takes the property subject to the first mortgage.

It pays to another party if you injure them or damage their property.

No. Not unless they are also listed on the title. A co-signer simply agrees with the bank to pay the loan if the primary borrower fails to pay. Co-signing doesn't grant any ownership interest in the property. If the co-signer pays for the vehicle they may be able to make a claim against the estate or sue to gain ownership of it.

Usually the owner of the property is the one that pays the property taxes on the owners property. Some time the mortgage company will pay them from a escrow account but the money that is in the escrow account comes from the property owners monthly payments.

The only way to get the other persons name of the auto loan is if you finance there another lender. The other finance company pays off the amount left on the existing loan, and then form a new contract soley with you name on it. But what if you don't have the credit to get a loan in your own name?

A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.

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