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.
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
They should since they are just as responsible for making payments as the primary.
In some states yes.
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.
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in 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.
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.
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.
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.
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.
yes because they have to notify the owner
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.
NOPE. No state requires lenders to tewll you that you are in "repo status". The lender desire for you to make the payments will sometimes give you a clue.
The co-signer was notified when the original loan documents were signed. Co-signing a loan makes both parties 100% liable for any unpaid balance. Both parties know the money is due and are expected to understand the terms of the loan before they sign. Lenders don't care about the specifics of where the payment comes from (as in; "He always made the payments before the repossession") They have no obligation to further notify them upon default.
NONE, the lender will take care of it
Generally the foreclosing lender must notify the HOA.
Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.
IF they hate you enough, IF they can find out who your lender is, IF the lender wants to repo because of that fact, The ins. co. is supposed to notify the lender anyway if you let the policy lapse....
Yes, do not send anything to anyone who claims to have purchased the mortgage. Continue to send payments to the original mortgage company until THEY inform you otherwise. There is a scam out there where people get the mortgage information from county records then send an official looking letter. It's good for one or two mortgage payments to a mail drop and you end up being out a couple payments. Don't fall for that one. If you have any questions, contact your original mortgage company and verify the mortgage status
The lender is required to notify you at your last known address as the details for redemption. You can CALL the lender, you will have to talk to them sooner or later. MERRY CHRISTMAS
The next of kin should notify the lender immediately for instructions. It holds the title to the vehicle. The lender may be willing to make arrangements for an heir to take over the payments or it may take possession if no heir comes forward. It depends on the details of the particular situation.
Assuming they haven't actually repossessed the car yet, you should contact them immediately to find out what's going on and begin making up the missed payments. If they made an error, they should stop repossession proceedings and remove the ding on your credit report (you should probably also contact the credit bureaus in the meantime to dispute the report). If they HAVE repossessed the car...If the lender stopped processing your automatic payments without notifying you, and you did in fact have the funds available to make the payments had they tried to process the automatic payments, then you might want to consult an attorney; it sounds like you probably have a case against the lender.If they did notify you that they would no longer be accepting automatic payments, or if they notified you of a failed attempt which you would need to pay manually and you didn't bother to do it, then it's a lot more obviously your fault instead of theirs and there's not going to be much you can do about it.
legis.state.ga go here and search on repossession