Maybe small claims court. Check with a local attorney. the best protection is DONT CO SIGN.
Generally anyone who causes financial damages, which non payment of the debt as promised would seem to be, can be sued to have those damages recovered from.
If one can pursue it in small claims court or needs a different one is really only dependent on the size of the claim, not the cause of action. In most areas the limit on awards in small claims is low, something like $1500 (varies). Anything more would require the higher, more procedurally formal court actions.
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
Not really, no. You can sue him for damages, but ... that takes time. And maybe there is not much to collect anyway.
No, there is no legal recourse that i know of, but I do know of a way to help yourself if the loans are Federally Guaranteed student loans. Have the borrower consolidate the loans without you being a cosigner. Then, the previous loans will be paid off, and a new loan will be made. If you need help getting the defaulted loans consolidated, contact Default Management Services. Google the company name for a phone #. Ask for Doug, he is very knowledgeable.
It should be.
Kentucky is a recourse state, allowing the lender to seek judgments and damages from the borrower.
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
You should review the terms set forth in the contract to determine your rights. Generally the deposit is forfeited when the buyer defaults.
Unless there is a separate legal agreement or order between the 2 borrowers, there is absolutely no legal recourse whatsoever.
You could try to sue the primary in civil court. It may not be possible to actually win a suit until after actions have taken place to actually cause you damages. These damages would include, but are not limited to, a negative credit score, judgment, garnishment, etc.
No. If he dies and defaults on the loan the bank's recourse is to take possession of the property by foreclosure. The bank has no claim against you.
The co-signer can sue the primary debtor for reimbursement of what the co-signer pays the creditor.
No, Florida is not a non-recourse state. If a mortgage is foreclosed in Florida, the lender may sue for any deficiencies between the amount of the loan still owed by the borrower and proceeds from the sale of the asset. This applies to mortgages, home equity loans, etc.
Yes. It is usually the only other option for a borrower. If not the creditor might seek legal recourse in the form of a lawsuit. Even though the idea of a lawsuit is "scary" it can be a better choice than BK, depending on circumstances of the borrower.
If a mortgage is foreclosed in Florida, the lender may sue for any deficiencies between the amount of the loan still owed by the borrower and proceeds from the sale of the asset. This applies to mortgages, home equity loans, etc. which is being Forclosed upon in the State of Florida, which I understand to be a Recourse State. Since the loans are Non Recourse so I 'm not protected against them comming after my assests for any deficiency, even though the state of Florida is a Recourse State?
No, but there is no need for recourse. Under the law, the difference between the buyer and cobuyer, the signer and cosigner, the maker and comaker, the debtor and codebtor is negligible. They are simply different terms use to identify two separate parties who are eaually repsonsible for a debt.
I think is non recourse debt
Recourse funding is a type of loan for which collateral is placed. The difference between recourse and non-recourse funding is that in recourse funding, if the collateral sells for less than the amount left on the loan, the lender can go after other assets. In non-recourse funding, the lender would have to absorb the loss.
"Is Georgia a non recourse debt state?" Since Florida is not a recourse state, and Florida adopted its laws from Georgia, Georgia must not be a recourse state.
no. why would it be a recourse loan
The duration of The Recourse to the Method is 2.73 hours.
If patient information is lost or stolen and harm comes to the patient, the patient may sue for damages. This means that damages must have occurred in order for the patient to obtain monetary compensation.
A place to find recourse is in nonfiction books in the library.
Florida happens to be a recourse state.