answersLogoWhite

0


Best Answer

Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.

Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.

Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.

Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.

User Avatar

Wiki User

โˆ™ 2011-08-06 04:58:38
This answer is:
User Avatar
Study guides

Mortgages

20 cards

When buying a house can you get a larger house loan so you can pay off some of your credit cards and car

How long do you have to wait in Canada before purchasing a house after bankruptcy

What is a mortgage lien

Is home owners insurance required

โžก๏ธ
See all cards
4.5
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
2 Reviews
More answers
User Avatar

Wiki User

โˆ™ 2011-08-06 04:58:38

Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Does cosigner have to pay back loan if original signer dies?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Will my car be taken if my cosigner dies?

Not as long as you make your payments on time. A co-signer guarantees that you will pay your loan off. If your co-signer dies and you don't make your payments the lender will repossess the car and go after you for any deficiencies.


Can your student loan debt be forgiven if your cosigner dies?

No. Your co-signer promised to pay if you didn't pay. You must repay the loans.


What if primary account holder dies and there is a cosigner?

The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.


Is a cosigner responsible for a car loan if the main borrower dies?

Yes. The co-signer should negotiate a resolution as soon as possible. If the debt goes into default the co-signer's credit will be ruined. The co-signer should try to get the lender to take back the vehicle and negotiate the amount it will take to write off the debt. On the other hand, the co-signer could try to get title from the decedent's estate and then pay off the loan.


What happens when a co signer dies and you stop paying on car loan?

bank takes back


What happens if you are a borrower and the co-signer dies?

If the co-signer dies the surviving borrower is responsible for paying the loan.


What happens if co-signer of a student loan dies?

The other signer is responsible.


Can a cosigner be taken off the loan if the primary applicant dies?

Generally, no. The co-signer would become solely responsible for paying the loan.Generally, no. The co-signer would become solely responsible for paying the loan.Generally, no. The co-signer would become solely responsible for paying the loan.Generally, no. The co-signer would become solely responsible for paying the loan.


Is a co signer responsible for the loan if the main borrower dies?

yes, hence why a CO-SIGNER.


Why would a co signer of a car loan take life insurance?

If the person the co signer was signing for died they would not be liable for the remaining amount due. Also the other way around if the cosigner dies then the car would be paid for after death, but there would probably be two different plans for that.


Is a cosigner on a credit card responsible after the primary dies?

Yes.


Will you be evicted if your cosigner dies?

Probably not - especially if you've been living there long enough to have established your own credit history with your landlord. Of course, if it was your co-signer who had been paying most of your rent, and you are unable to do so on your own, then there is a good possibility that unless you get another co-signer that they may evict you as a bad payment risk.

People also asked