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The cosigner contacts an attorney who will process the paper work for him. Or, the cosigner can file the suit (foolishly) pro se (on your own). Or, the cosigner can file the suit in small claims court. What is important is that the cosigner can show significant and real damages before filing, or hope he is not filing in a state that will bring criminal charges for filing a frivolous law suit.
Wiki User
∙ 12y ago
The cosigner can sue the primary borrower by taking legal action in a court of law. This typically involves filing a lawsuit against the primary borrower for failing to make payments as agreed upon in the contract or agreement. It is advisable for the cosigner to consult with a lawyer to understand their legal options and the process for suing the borrower.
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Can a cosigner sue the signer?
Yes, a cosigner can sue the primary signer if the primary signer fails to fulfill their financial obligations, resulting in the cosigner having to cover the debts. The cosigner may seek legal recourse to recover the money they had to pay on the primary signer's behalf.
Can a cosigner be arrested?
A cosigner cannot be arrested solely for being a cosigner on a loan. However, if the primary borrower defaults on the loan, the cosigner may be held responsible for the debt and face legal action if they do not fulfill their obligations.
How can a cosigner sue estate of deceased borrower?
To sue the estate of a deceased borrower as a cosigner, you would need to file a claim in probate court against the estate. The court will then determine if the debt owed is legitimate and if the estate is liable to pay it off. It is advisable to consult with a probate attorney for guidance through this process.
Is the cosigner of a vehicle liable if the it gets repossessed?
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
Can a cosigner on a student loan can I take signer to court?
Yes, a cosigner on a student loan can take the primary signer to court if they fail to make payments on the loan. As a cosigner, you are equally responsible for the loan and have the legal right to seek repayment through legal action if necessary. It's important to consult with a legal professional for guidance on the specific circumstances of your situation.
Can a cosigner sue the primary for the full amount of loan when the cosigner pays it off?
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
If you are being sued for subrogation on a co-signed vehicle and need to file a cross-complaint against the primary borrower should you sue for damages breach or breach of contract?
The cosigner did not have a contract with the primary borrower, only with the lender; that being the case the cosigner would sue for his or her financial losses not for a breach of contract.
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 rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
Is there a way for the cosigner to be removed as cosigner if primary owner defaults?
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
If the cosigner decides to pay off the loan to clear their property used for collateral can they put a judgment on the primary loan holder to collect the amount paid off?
Yes, the cosigner can sue the primary borrower if they can prove the money paid on the exisitng loan was a loan to the borrower and the person had knowledge of and agreed to the action.
Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
Does the cosigner have lega recourse monetary damages when the primary borrower defaults on a vechicle loan
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
Can the primary borrower be sued by the cosigner if a loan is in default and the lender sues the cosigner?
Yes. But for now the lender has you and will get their money from you as they would the primary borrower. Cosigning is a really, really bad idea. At least for the cosigner. Everyone else seems to benefit.
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 cosigner have any recourse if the primary borrower has decided not to pay on time or the full amount?
Not really, no. You can sue him for damages, but ... that takes time. And maybe there is not much to collect anyway.
Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?
Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.
