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The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.
The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.
The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.
The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoThe only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.
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Can a co-signer of a car transfer all debt to the main signer of a car?
No. The co-signer will be responsible for paying the loan until it is paid off.No. The co-signer will be responsible for paying the loan until it is paid off.No. The co-signer will be responsible for paying the loan until it is paid off.No. The co-signer will be responsible for paying the loan until it is paid off.
Who is responsible for student loan debt after your death?
The student's estate is responsible for paying their debt unless there was a co-signer. If there is no estate the lender is out of luck. If there was a co-signer the lender will seek payment from that party.
Can a cosigner have their name removed from a loan if the co-signer is incarcerated?
No. The co-signer would be responsible for paying the loan.No. The co-signer would be responsible for paying the loan.No. The co-signer would be responsible for paying the loan.No. The co-signer would be responsible for paying the loan.
Is it possible to be a co-signer on a mobile home loan if you already own a home of your own?
It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.
What is the diffrece between the primary borrower and the co signer?
The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.
When a buying car with a cosigner will your credit be mentioned?
Yes. Both the primary borrower's and the co-signer's credit will be checked, mentioned, affected, show the loan as a debt, and ruined if there is a default in paying the loan.Yes. Both the primary borrower's and the co-signer's credit will be checked, mentioned, affected, show the loan as a debt, and ruined if there is a default in paying the loan.Yes. Both the primary borrower's and the co-signer's credit will be checked, mentioned, affected, show the loan as a debt, and ruined if there is a default in paying the loan.Yes. Both the primary borrower's and the co-signer's credit will be checked, mentioned, affected, show the loan as a debt, and ruined if there is a default in paying the loan.
Is there any help available for a co signer when the student defaults on a school loan?
No. You are responsible for the debt if the primary holder is not paying their debt.
How is the co signer affected if the primary borrower defaults on a home equity loan?
The bank providing the loan will go after both the primary borrower and the co-signer to get the loan paid back. If the co-signer has more assets/is more liquid than the primary borrower, the bank may just focus on the co-signer as both parties (the co-signer and primary borrower) have full responsibility for the debt regardless of who benefited from the cash.
Does wife's co signing a mortbage make her a joint owner?
No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.
Does co-signing making you responsible for all debt or just co signed item?
Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for thatloan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.
Can a cosigner be taken off the loan if the primary applicant dies?
Generally, no. The co-signer would become solely responsible for paying the loan.Generally, no. The co-signer would become solely responsible for paying the loan.Generally, no. The co-signer would become solely responsible for paying the loan.Generally, no. The co-signer would become solely responsible for paying the loan.
Does the co-signer of a car loan need income?
Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.Yes, since the co-signer is fully responsible for paying the loan if the primary borrower does not.
