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It has the same effect on the credit.

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โˆ™ 2015-07-15 21:29:49
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Q: How bad does it affect the cosigner's credit if the borrower has the car voluntarily repossessed?
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If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?

Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.


When your Father passed away how bad will a car repossession affect a cosigners credit?

It depends on how your father's death, the repossession, and the cosigners credit are corelated.


If a person defaults on mortgage payments will this affect the cosigners on their student loan?

yes


If you must voluntarily have your car repossessed due to an upside down loan what effects will this have on trying to get a home loan in two years?

Carly, it can affect what interest rate you pay(HIGHER THAN NORMAL), how much you have to pay down to even get a loan. It is NOT a positive thing to have on your CR.


If cosigners for student loan miss a mortgage payment will this affect student loan?

As long as loan stays current, credit & other obligations irrelevant.


If your car has your mothers and your name on the title but she is deceased how does this affect you if it is repossessed?

Goes on your credit as a repossession.


If a spouse's car gets repossessed after their death does it affect your credit rating?

If your name was on the note, yes.


Can forbearance affect buying a house?

Yes it does, as it delays the foreclosure when the borrower is having financial problems. But this is only a temporary solution as if the borrower has very serious financial problem, this is definitely the solution.


Does foreclouse affect the spouse credit who is not on the mortgage?

No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.No. A foreclosure affects only the borrower and anyone else who signed the mortgage.


What happens to the co signer if the borrower files bankruptcy?

You may need to consult with your own attorney. The primary borrower's bankruptcy doesn't affect your obligations as co-signer. The lender may go after you for payment.


If your husband co-signs for his daughter's car loan will that affect you when you want to get a car loan?

No, not if the wife is the sole borrower.


How does getting a car repossessed affect credit?

Stays on your credit rating for 7 years. Has a very negative effect.

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