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Does the primary borrower receive any benefit to their credit rating when there is a cosigner on the loan?
Wiki User
∙ 17y ago
This debt will appear on your credit report as a joint debt. It will bare just as much weight on your credit report as if it were in your name alone.
Wiki User
∙ 17y ago
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Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
What qualifications must a borrower have to get unsecured loans?
A borrower must have good standing credit to get unsecured loans. Also they must be good of their word, in that they are trustworthy to pay back the loan. A credit score of over 650 and also having a cosigner to receive an unsecured loan is the most desirable to lenders.
Can a cosigner of a home loan receive half of the proceeds?
Did you help make payments? If all you did is to cosign, then no.
Corporations receive the proceeds for the sale of their stock inwhat market?
The primary market is where corporations receive the proceeds for the sale of their stock. New securities are issued on an exchange by a primary market.
Can you receive a car loan at 18 if you have a cosigner but have an off the books job?
IF you have a big enough down payment and a co-signor, most BHPH(note lots) will finance anyone.
Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
What are the options of a cosigner when the other party has taken possession of the car and moved across the country and is consistently late on payments and you cannot afford to pay it for him?
None. When a person cosigns any financial agreement they are entering into a legally binding contract to repay the debt if the primary borrower defaults on the loan. Although it would seem the cosigner should be allowed to be relieved of the debt responsiblity due to the actions of the primary borrower, it is unlikely a judge would take the same view. The cosigner does have legal option to recover money spent to cover the primary borrower's financial obligation. In a case such as cited it would be very difficult to file a lawsuit against the person in question. The person in possession of the vehicle however may be in violation of criminal statutes for removing the vehicle from the state if he or she did not receive prior approval from the lender.
What qualifications must a borrower have to get unsecured loans?
A borrower must have good standing credit to get unsecured loans. Also they must be good of their word, in that they are trustworthy to pay back the loan. A credit score of over 650 and also having a cosigner to receive an unsecured loan is the most desirable to lenders.
If you claim chapter 7 bankruptcy can they go after your cosigner for money?
Typically, yes. When a person co-signs a loan they are EQUALLY responsible for the debt. When one party files for bankruptcy they are not going to be responsible for payment unless it falls within a category of non dischargeable debts (in which case they would) but you should let them know of the almost certain liability. Beyond the requirement to pay for the debt, the cosigner may also have to pay late fees or collection costs associated with a default on the loan. The creditor can use the same collection methods against the cosigner as against the primary borrower. If the primary borrower doesn't pay and goes into default, it will ruin the cosigners credit. Cosigning on another person's debt may affect your own ability to receive loans. The debt is also considered yours and raises your own outstanding balance. Cosigning a loan for a son or daughter might affect your estate or gift tax exemptions.
Can your mom be a cosigner if she receive Medicaid?
if she is credit worthy yes
Do both the buyer and co-buyer have to be on same insurance policy even if one never drives the car?
As the cosigner has a financial interest in the property, meaning if something happens to the vehicle he can be made to pay "All" the bills, Then he should certainly be insured on the policy for any loss regardless of whether he is driving it. A cosigner is jointly and severally liable to the lien-holder for the full amount of the note and is probably required to be insured under the finance contract anyway. The cosigner if unlicensed and does not drive should at the very least be listed as a holder of interest in the lien-holder section so that they will receive notification from the insurer should the primary have any lapse in coverage. The primary driver should also pay any additional premium required to insure the cosigners interest. After all, he was kind enough to co-sign so you could buy the car, the least you can do is make sure he doesn't wind up in the poor house should something happen to it. Should the primary Driver / borrower refuse to insure the cosigners interest, it would probably be prudent for the co-signer to take legal recourse against the primary borrower before a loss occurs.
Do both the buyer and co buyer have to be on same insurance policy even if one never drives the car?
As the cosigner has a financial interest in the property, meaning if something happens to the vehicle he can be made to pay "All" the bills, Then he should certainly be insured on the policy for any loss regardless of whether he is driving it. A cosigner is jointly and severally liable to the lien-holder for the full amount of the note and is probably required to be insured under the finance contract anyway. The cosigner if unlicensed and does not drive should at the very least be listed as a holder of interest in the lien-holder section so that they will receive notification from the insurer should the primary have any lapse in coverage. The primary driver should also pay any additional premium required to insure the cosigners interest. After all, he was kind enough to co-sign so you could buy the car, the least you can do is make sure he doesn't wind up in the poor house should something happen to it. Should the primary Driver / borrower refuse to insure the cosigners interest, it would probably be prudent for the co-signer to take legal recourse against the primary borrower before a loss occurs.
When a car is repossessed does the borrower receive high interest rates on loans?
no
Can a part time employee receive a auto loan without a cosigner?
I dont think you can..?
What do the word mean Primary and Contingent allocations in insurance?
It has to do with someones benefits for beneficiaries for life insurance, 401k, etc. Primary would be the person who is your first choice to receive the benefit's. Contingent would be the person who receives the benefits if the primary person is dead.
Can a cosigner of a home loan receive half of the proceeds?
Did you help make payments? If all you did is to cosign, then no.
Can a 19yr.old undergrad receive a loan without a cosigner?
A stafford or perkins loan, yes, IF you qualify through the FAFSA.
