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How long does a cosigner need to be on the contract?


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2006-05-14 21:07:55
2006-05-14 21:07:55

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

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

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.

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.

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.

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

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.

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.

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

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.

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.

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

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.

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.

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.

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

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.

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.

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

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

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.

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.

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

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

If you need a cosigner for the loan because of bad credit, it means you can't afford the car.

If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.

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