answersLogoWhite

0


Best Answer

Does the co-sugnor meet these requirements??? http://assembly.state.ny.us/leg/?cl=122&a=72 Section 9--605. Unknown Debtor or Secondary Obligor. A secured party does not owe a duty based on its status as secured party: (a) to a person that is a debtor or obligor, unless the secured party knows: (1) that the person is a debtor or obligor; (2) the identity of the person; and (3) how to communicate with the person; or (b) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (1) that the person is a debtor; and (2) the identity of the person.

User Avatar

Wiki User

โˆ™ 2015-07-15 18:32:14
This answer is:
User Avatar
Study guides

Loans

26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

โžก๏ธ
See all cards
5.0
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
1 Review

Add your answer:

Earn +20 pts
Q: Does the lender by law have to notify a co-signer that the buyer is behind on payments in New York state?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?

No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.


Does the lender on a car loan have to notify the cosigner before they repossess the car in TN?

They should since they are just as responsible for making payments as the primary.


Does the lender have to notify the cosigner if the person responsible does not make a payment?

In some states yes.


Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?

No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.


Is the lender obligated to notify a cosigner if a payment is past due in the State of Wisconsin?

No, the cosigner may be the first one the lender attempts to collect from if the primary borrower defaults. That will probably be the only "warning" one receives.


Must the lender notify the cosigner of intent to collect on a default?

The cosigner was probably "notified" that any funds held by the lender would be attached at the time the loan was signed. In order to garnish wages or place a lien on other property, the lender would have to go to court and obtain a judgment, in which case the cosigner would have received a summons from the court.


Is there legal notification of foreclosure from mortgage company or bank?

Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.Yes. The lender must notify the borrower of the pending foreclosure.


What if the cosigner dies?

You must notify the person to whom you owe the money , and your state law will tell you how long you have to make alternate arrangements with your lender. Your bank will know the law , and direct you how to proceed.


Can you sell a car or cycle when you still make payments on it and you don't have the title?

Yes. Im not 100% sure how the process goes,but the sellerwill have to notify his/her lender or whomever of whats going on. Buyer will provide payment and i believe your lender will forward the title to the buyers lender.


Does the lender have to send you a letter to notify you that his repossess your car in G.A.?

yes because they have to notify the owner


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.


Can your car get repossessed if you move and do not notify your lender?

Technically, probably. Your loan contract usually requires you to keep the lender informed about any changes of address, among other things. If you have a history of late or missed payments, they would be especially concerned.

People also asked