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The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.
The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.
The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.
The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoThe loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.
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Does being a cosigner effect you being able to get a loan for yourself?
no
If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
Can the cosigner of a motorbike loan take possession of the bike if the primary borrower isn't making payments?
yes
Are there legal options that a cosigner can use to be removed from an auto loan?
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
Can a cosigner for a loan be relinquished from repaying the loan?
Only one way, have the borrower consolidate the loans without you being a cosigner. Then the original loans are paid off, and a new loan is made in only the borrowers name.
If a primary borrower defaults on a loan and the cosigner sues them will that prevent the lender from being able to take action against the cosigner?
No. The cosigner will still be equally responsible for the debt
If a borrower signed a loan for a cosigner is there a way the loan can be changed into the cosigner's name without refinancing?
No.
Can you switch the cosigner to the primary?
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
How can a cosigner be removed from the loan?
The only option is for the loan to be refinanced without the particpation of the present cosigner.
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
Should a co signer be told if something they signed for is getting repoed?
No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.
