Best Answer

untill its paid off * The other option is for the primary borrower to have the loan refinanced without the participation of the original cosigner.

User Avatar

Wiki User

โˆ™ 2006-05-14 21:07:55
This answer is:
User Avatar
Study guides
See all Study Guides
Create a Study Guide

Add your answer:

Earn +20 pts
Q: How long does a cosigner need to be on the contract?
Write your answer...
Related questions

If only one person has signed a contract and cosigner has not signed yet can you redo the contract so it's only under the cosigner's name so that you get a better APR?

Yes, you can rework the contract under only one name. Ask the dealer to rework the deal as long as the cosigner can qualify by themselves.

Is contract legal if only has a cosigner?

no...only two parties are required to make a contract, a cosigner is only required in special cases.

Can you remove A CO signer name after six months?

No, one can not remove a cosigner from any contract after 6 months. The cosigner will have to stay on the contract until the contract is paid.

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.

How long does a company have to inform a cosigner that the borrower is in default in payment?

It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.

If a contract has a signer and cosigner and the signer has not signed is the contract valid?

No. A contract is a meeting of the minds involving all participants.

What are the requirements of an auto cosigner in Indiana?

An auto cosigner, in the state of Indiana, has to meet all of the requirements of the contract. In most cases the cosigner has the same obligations as the primary signer.

Can you replace a cosigner for an apartment with another cosigner?

Yes, you can replace a cosigner for an apartment with another cosigner. However, you need to get the consent of the landlord.

Do student loans require a cosigner?

No, for the majority of student loans available in the United States you will not need a cosigner. However, for private loans, you will need a cosigner.

How can the cosigner be soley responsible for a repossesion of a car?

According to the law, a cosigner signs for someone else that they think might not pay off the load. The cosigner signs a contract agreeing to pay the loan off if the other person does not. He can be solely responsible becase he signs a contract promising to do so.

When you cosign for someone how long are you required to be their cosigner?

For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.

Does the credit of the cosigner gets affected if car is not paid?

Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.

Do you need a cosigner to get a tracfone cellphone if you are under the age of 18?

You cannot sign a contract if you are under eighteen years of age. Someone would have to co-sign the contract and agree to be responsible if you don't pay.

How and where do you add a cosigner on a loan?

The cosigner must be present at the time the contract is signed. Before a cosigner is accepted by the lender him or her must meet the lender's requirements which will include a check of their complete credit history, employment status, etc.

What is the insurance liability for the cosigner of an auto loan?

None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.

Do average college freshmen need a cosigner when getting Chase student loans?

Most freshman will in fact need a cosigner for loans. The need of a cosigner is dependent on how much good credit history the student has available. So, if for example the student was in their late 20's and had successfully paid all debt prior they would not need a cosigner.

If your a cosigner and want to remove your name before the loan is paid off will this affect your credit in any way?

A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.

Does breaking a lease hurt cosigners credit?

That is why the cosigner is there. To back up the contract if you bail.

Can a17 year old get a loan with a cosigner?

Yes, as long as the cosigner is a legal gardian or a parent.

Can the new loan company force the cosigner to resign a new contract?

No, you have a contract and the only way to change it is for both parties to agree to the change.

How do you get out of a cosigner contract?

You can't. You are just as legally bound as the primary signer on the contract and as such are obligated to satisfy the terms of the contract. That's why it's NEVER a good idea to be a co-signer.

If a contract require a signer and cosigner and the cosigner has not signed is the contract valid?

No. If the lender requires a co-signer and that co-signer doesn't sign the note then the lender will not pay over the proceeds of the loan. Without the co-signer's signature the contract is not valid.

What happens when my cosigner doesn't want to be my cosigner anymore?

The contract cannot be changed without refinancing, your cosighner is stuck with it unless the loan is paid off one way or another.

If a 17-year-old with a 6-month-old wanted to move out in Missouri could they sign a contract with a cosigner for an apartment?

Until you are 18, or are legally emancipated, you won't be able to sign a binding contract for the lease. But the owner may accept the cosigner's signature.

Can you refinance your car without a cosigner if your current loan has a cosigner?

if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner