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Does the co-sugnor meet these requirements??? 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.

2015-07-15 18:32:14
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Q: Does the lender by law have to notify a co-signer that the buyer is behind on payments in New York state?
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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.

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.

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.

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.

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.

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

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.

If you live in Florida does a creditor have to notify you if your car is in repo status?

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.

If a loan is cosigned and the original borrower defaults does the lender legally have to notify the cosigner?

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.

Do you have to notify the DMV if your car was repossessed?

NONE, the lender will take care of it

Which states' lenders are supposed to notify the cosigner before reporting a late payment to credit bureaus?


Who notifies HOA when a property is foreclosed?

Generally the foreclosing lender must notify the HOA.

If you are a cosigner on a loan will a loan company repossess the vehicle then let you pay it off and take possession without ruining your credit?

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.

Can someone report your car to be repossessed if they know that you do not have insurance?

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....

If your lender sells your loan to another lender are they suppose to notify you that your mortgage was sold?

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

In New York is the lender required to notify the co-signer before reporting this information on his credit report?


What options do you have in California if your car was repossessed and you want to get it back?

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

What happens to a car loan for a recently deceased person who does not have a co-signer a Will or any other estate?

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.

Can you default on a car loan when the lender stops your automatic payments?

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.

Is the lender required by law to notify you of the date and place of a private sale or auction? go here and search on repossession