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Does cosigner have a right to copy of contract written by the lender?
Wiki User
∙ 12y ago
Yes. The co-signer should insist on having an original copy of the contract, and any other documents they signed, since they are a party to the contract and the provisions are legally binding on the co-signer.
Yes. The co-signer should insist on having an original copy of the contract, and any other documents they signed, since they are a party to the contract and the provisions are legally binding on the co-signer.
Yes. The co-signer should insist on having an original copy of the contract, and any other documents they signed, since they are a party to the contract and the provisions are legally binding on the co-signer.
Yes. The co-signer should insist on having an original copy of the contract, and any other documents they signed, since they are a party to the contract and the provisions are legally binding on the co-signer.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoYes. The co-signer should insist on having an original copy of the contract, and any other documents they signed, since they are a party to the contract and the provisions are legally binding on the co-signer.
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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.
When a loan is in default does the lender have to notify the cosigner?
When a loan is in arrears (past due), the creditor has the legal right to contact the cosigner unless the loan is included in bankruptcy. The Fair Debt Collection Practices Act states this fact. The sole purpose of a cosigner/guarantor is to guarantee the loan, hence it is likely if no payment arrangements have been made by one, they will collect from the other.
How do you remove your name from a loan?
Pay it off.If you're a cosigner, you can try contacting the lender to see if they'll take your name off the loan; they might be willing to do so under the right circumstances.
Can cosigner change his mind after signing the contract?
No. Once you have signed you are responsible for making sure the loan is paid. (An exception would be contracts signed at your home which have a right of rescission built in.)
Does a co-signer have the right to tell the one that he co-signed for that he cannot rent his house to another person?
read the contract that you co-signed. It usually stipulates whether the collateral can or cant be rented. If it says NO, then you have the option of cautioning the co-signor about it and then informing the Lender that the contract is in DEFAULT.
Does a finance company have the right to back out of a contract after 10 days?
You need to review the contract to determine what rights the lender reserved in that contract.
How long do you have to get car after it is repoe?
Its in the contract. Under most state laws, ordinarily, the lender must give you notice of your right to reinstate the contract after repossession, even if the lender thinks you have given up the right. If the lender doesn't give you this notice, you may have the right to get the property back for nothing-but you will have to resume making payments on your loan. If you have been given notice and want to try to reinstate the contract, contact the lender as soon as possible to work out an agreement. If you don't reinstate the contract within the time permitted by the agreement, the lender will send you a formal notice of its intent to sell the property.
How should you be contacted if the car you cosigned on is being sold?
In a few states both the primary borrower and the cosigner must be notified by the lender through a "Right To Cure" notice before repossession action can occur. In Wisconsin a replevin order is necessary before a repossession can take place, but the cosigner is not always notified. In the majority of states the lender does not need to give either the primary or the cosigner notice of repossession action.
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 a lender on an auto loan require a co-borrower or guarantor to go on the title?
The lender can require just about anything, but it is more likely that they will want every name on the title to be on the loan, not the other way around. If anyone should insist the cosigner's name be on the title, it would be the cosigner himself. That will give him a right to take possession of the vehicle if he is stuck with the payments.
If a child defaults on a student loan co-signed by a parent can the parent sue the child to recover the amount they are forced to pay?
No, when the parent cosigned the loan, they agreed to pay what the child couldn't. * Yes, the contract that was cosigned was between the borrower's and the lender. A cosigner has the legal right to file suit against a primary borrower for financial damages incurred due to the primary borrower defaulting on the contract.
Does the lien holder have the right to repossess your car if you left on a handshake and you had no contract and it was a private lender?
Yes. If the lien is valid, a written contract is not necessary and the holder can legally repossess the vehicle in conjunction with the existing laws of the state in which the vehicle is located or in some cases where it was sold.
Can a vehicle be repossessed by the lien holder for not having insurance in the State of Maine?
Yes, if the contract requires that the borrower carry insurance coverage. If the borrower fails to adhere to any of the requirements stated in the written agreement the contract is in default and the lender has the legal right to recover the vehicle.
When a loan is in default does the lender have to notify the cosigner?
When a loan is in arrears (past due), the creditor has the legal right to contact the cosigner unless the loan is included in bankruptcy. The Fair Debt Collection Practices Act states this fact. The sole purpose of a cosigner/guarantor is to guarantee the loan, hence it is likely if no payment arrangements have been made by one, they will collect from the other.
What are co-sinors rights?
A cosigner has a right to be released from the loan if the borrower has made on-time payments for 48 months. The borrower will need to sign a release form, however, the lender will have to agree to terms.
How do you remove your name from a loan?
Pay it off.If you're a cosigner, you can try contacting the lender to see if they'll take your name off the loan; they might be willing to do so under the right circumstances.
When in the state of PA if one party cosigns for the vehicle and the cosignee divorces a daughter can the cosigner repo the car if there is suuficient proof that the ex-son in law has lost a job?
I'm sure you won't like this answer, but only the lender can repossess the collateral. If the cosigner is also a co-owner and listed on the title, he could insist on taking his turn driving the car. But essentially, the only right a cosigner has is the "right" to make the payments if the primary borrower does not.
