Best Answer

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.

2015-07-15 18:37:46
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Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?

Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan

Does the cosigner have any recourse if the primary borrower has decided not to pay on time or the full amount?

Not really, no. You can sue him for damages, but ... that takes time. And maybe there is not much to collect anyway.

Is there any recourse a cosigner has against the borrower of a defaulted loan?

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.

Is non recourse debt on the balance sheet of the borrower?

It should be.

Is Kentucky a Recourse or Non-Recourse or One Action state?

Kentucky is a recourse state, allowing the lender to seek judgments and damages from the borrower.

What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?

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.

Can a security or bond pledged be sold by the lender without recourse to the borrower?


What recourse does seller have if buyer defaults contract?

You should review the terms set forth in the contract to determine your rights. Generally the deposit is forfeited when the buyer defaults.

What is the legal ground for the co-borrower to demand restitution payment from the borrower in case of failure of repayment of student bank loan by the borrower if the co-borrower has made all necess?

Unless there is a separate legal agreement or order between the 2 borrowers, there is absolutely no legal recourse whatsoever.

As a cosigner for a private student loan what recourse do you have if the borrower does not make payments?

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.

If my husband owns a property with his ex-wife and they share the mortgage on the property am I liable for anything if he dies or defaults on the loan?

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.

What recourse does co-signer have if the primary debtor defaults?

The co-signer can sue the primary debtor for reimbursement of what the co-signer pays the creditor.

Is Florida a non recourse debt state?

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.

Can you file a Chapter 7 bankruptcy after a Chapter 13 has been dismissed?

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.

Is the State of Florida 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. 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?

If the lender had me sign as the buyer and my nephew as the co-buyer when it was supposed to be the other way around is there any recourse?

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.

Which states are non-recourse?

is california

Is a car loan considered recourse or non-recourse debt?

I think is non recourse debt

What is recourse funding?

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?

"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.

Is a home improvement loan a recourse loan?

no. why would it be a recourse loan

What is the duration of The Recourse to the Method?

The duration of The Recourse to the Method is 2.73 hours.

Is there recourse if patient information is lost or stolen?

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.

Can you give a sentence for recourse?

A place to find recourse is in nonfiction books in the library.

Is Florida a non recourse loan state.?

Florida happens to be a recourse state.