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If a bank did something unethical or illegal and the borrower has to default or allow repo would the debtor still be responsible for the deficiency?

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2015-07-15 19:46:37
2015-07-15 19:46:37

Unless a court rules there was a breach/violation on the lenders part, YES. If you have doubts, call a local attorney for a consultation.

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The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.The borrower. If there was a co-signer, that person is also fully responsible for paying the loan if the primary borrower defaults.

The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.The surviving borrower is solely responsible for paying the loan.

Borrower is a person who borrow something. It is a common defination.

The borrower, i.e., the person who signed the note, is responsible for payment. If the borrower has died their estate is responsible. If there is no estate the creditor is out of luck. If there was a co-signer then they will be held responsible for paying the debt.

The co-signer is responsible until the loan is discharged. When the borrower transfers the property to the lender there may still be sums due on the loan. The borrower and co-signer are equally responsible for paying the debt.

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.

Yes. Both are equally responsible for paying off the debt.

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.

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.

If the co-signer dies the surviving borrower is responsible for paying the loan.

When two people sign a note as co-borrowers they are each responsible for payment of the outstanding debt. If one doesn't pay then the other will be responsible for the entire balance.

Sure, if you don't mind losing your entire investment, ruining your credit rating and being hassled by creditors. Ok... enough sarcasm... maybe you need to talk to Suzie Orman. Yes, but the borrower will still be responsible for any deficiency between the loan balance and the amount that the lender receives in the sale of the property. In addition to any deficiency that may result, the borrower is also responsible for all other costs incurred by the lender related to the foreclosure process.

Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.

Deficiency Judgments Deficiency judgments are permitted in New Jersey. A lawsuit for a deficiency must be commenced within three months from the date of the foreclosure sale, or confirmation of the sale if confirmation was required. Although the deficiency suit is a separate lawsuit, it can only be brought against a person who was joined to the foreclosure lawsuit and who is personally responsible for the mortgage debt. Such a person must be served with the process. On a note that is dated on or after May 1,1980, the debtor may dispute the deficiency by introducing evidence of the fair market value of the mortgaged premises at the time of the foreclosure sale. The deficiency is limited to the difference between the fair market value of the premises and the balance due on the loan. However, a borrower should object to the foreclosure sale price prior to the confirmation of the sale. The failure to do so may set the borrower up for a larger deficiency. However, some New Jersey courts are refusing to confirm the foreclosure sale unless the lender agrees, as part of the confirmation, not to sue the borrower for a deficiency greater than the difference between the fair market value and the balance owed on the loan.

Yes. The lender is legally required to sell the vehicle at public auction for as close to the fair market value as is possible. The proceeds of the sale of the vehicle is applied to the loan balance and the borrower is responsible for any deficiency and possibly additional fees.

A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.

Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.Yes, but you should be fully informed that you would be the guarantor on the debt. If the primary borrower fails to make their payments you would be held fully responsible for paying the debt. In that event you would be paying for something you don't own.

Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.

The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.

The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.

If the vehicle is repossessed the borrower will be responsible for the deficiency between the sale of the vehicle and the balance of the loan. If an equitable payment agreement cannot be reached by the lender and borrower, the lender can file a lawsuit for monies owed and if successful execute the judgment against any non exempt property belonging to the debtor.

You are not responsible for your sibling's debt unless you co-signed and agreed to be responsible for it. If you co-sign for a debt and the primary borrower doesn't pay then you will be held responsible for repayment.

Presumably you mean property taxes...the property is responsible legally. That means, the owner of the property must pay them or the tax collector could sell the property to collect it. Until the property is sold, and no longer owned by the borrower, he is responsible for everything. Its his. As is the obligation to pay the loan as he promised. No if, ands or buts! He will not benefit or have anyone else pay anything that he would have by not making good on his legal promise. In fact, any and all costs of the foreclosure or attempts to collect the debt, EVERYTHING - the borrower is entirely responsible for. When the foreclosure happens, the amount generated goes to pay that total amount....the banks attornies, the collectors phone calls, the back taxes, penalties, interest, etc, all due....EVERYTHING is included in what the borrower owes. If enough isn't generated by the sale...then THE BORROWER is still responsible for the rest. The court provides a deficiency judgment and and other assets of the borrower will be sold to pay off the remainder, and/or wages garnished, etc. Finally, if an amount is forgiven by the lender, that becomes taxable income to the borrower and will be reported on a 1099-C. The borrower will owe the IRS tax on it. Problems with paying the IRS make problems with paying your mortgage seem easy.

The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).

The estates are responsible for the debts of the decedents.The estates are responsible for the debts of the decedents.The estates are responsible for the debts of the decedents.The estates are responsible for the debts of the decedents.


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