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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?
Wiki User
∙ 18y ago
No.
Wiki User
∙ 18y ago
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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.
Can a cosigner sue the primary borrower?
Anyone is allowed to sue anyone in this day and age, however, the point of having a co-signer is because the primary borrower may not have a credit profile strong enough to get a loan on their own. When suing someone, the goal is to get paid - if the primary borrower did not have enough money or enough credit strength to get a loan, what, exactly, will the co-signer sue them to get? So yes, a co-signer may sue the primary borrower, however, unless circumstances have changed massively since the shared loan was signed, there will be nothing for the co-signer to go after. Depending on the amount of the loan you can sue in small claims court or a higher civil court.
How can a cosigner get out of paying for a loan?
Can't unless you get your name off the loan. The person you co signed for has to get the loan changed out of your name.
Is it possible to back out of an auto purchase if you have the car in your possession but the main borrower has not signed any papers?
Even if the main borrower has signed the papers, legally you have 3 days from the time you sign the papers to be able to take the vehicle back and say you have changed your mind. So just take it back and say I've changed my mind.
Can a cosigner take your house?
The answer to this question can be complicated and I recommend that you check out your State laws. I am also making the assumption that when you say "co signer" you mean cosigned on the mortgage and not some other obligation. It is important to understand how your title is currently recorded. Are you both on title? As far as a lender is concerned, the answer is NO. If the person is a cosigner on your mortgage they would have to remove you from having any obligation on the loan. This can be done by the current co borrower refinancing the home. This of course requires your cooperation and willingness. You can both agree to sell the home. That would be an acceptable way to free the co signer from the obligation. The co signer "could" file suit in court and have a court compel you cooperate. If this is your primary residence, then most courts would require some significant justification for forcing you out. I have seen this happen in cases of divorce, failure to make the monthly payments, and once when a borrower was destroying the home. If the co signer has just "changed their mind about co signing or they are mad at you and want to use this as revenge, then they most likely have an uphill battle ahead of them. Please feel free to contact me any time. I look forward to answering your mortgage questions and helping you with all of your mortgage needs. I am always available for you, your family and friends. Simply click on "TheMortgageExpert" link below. Thank you. Jeff Fullmer Senior Mortgage Planner
Is my Ucc-1 perfected if the borrower's address has changed since the original filing?
Generally if it was good when filed, then it is good now; however, if you know about an address change you should file an amendment
How does mortgage modification help the borrower?
It allows for the mortgage to be changed after the fact. The modification can be of use to those facing foreclosure who want to continue making payments but can't satisfy the original agreement.
Is it legal to draw a line through a loan document with the amount of the loan and put another amount on the same page?
If you were the borrower, you should have been required to initial the change on the lender's copy to indicate your acceptance of the new terms. If the lender crossed out and changed only the amount on HIS copy without obtaining your initials, he's got no proof that YOU agreed to the changed amount.If you were the lender, the same thing would be true. If you didn't initial the new amount written on the BORROWER'S copy after the initial amount was crossed out by the borrower, he has no proof that you agreed to any change to the original amount.Added; The initials or the signatures of BOTH signatories to the loan must appear in close proximity to the change that was made. If they don't - - see the first answer.
Can a cosigner on a car loan take the vehicle away from the person if they changed their mind about being a co-signer?
No. A co-signer has no legal rights to the property. They are responsible for the debt incurred until the terms of the lending agreement are fulfilled or refinanced without their participation.
What is a revolving credit agreement?
A revolving credit agreement is a legal contract between a lender and a borrower whereby the lender agrees to lend up to a certain amount to the borrower for some period of time. The borrower agrees to make minimum periodic payments during the time that the revolving credit agreement is in force and pay off any balance due at the end of the contract period. Many revolving credit agreements automatically renew after the agreed period (unless the credit circumstances for the borrower have radically changed). An example of a revolving credit agreement is the credit card. A credit card has a credit limit ("up to a certain amount" or "maximum"), an expiration date ("some period of time") and minimum payment requirements ("minimum periodic payments"). Most credit card agreements are renewed before the original agreement (the card) expires.
What is the normal protocol in regards to the names on the title when a homeowner refinances?
Refinancing is simply obtaining a new loan, and should not change the names on the title. If someone is trying to take your name off the title during refinancing, they are trying to cheat you out of your share in the home. Refinancing has no effect on the title of a real property. The changing of title to real property is controlled by the laws of the state in which the property is located. It is extremely important to discuss the way property is to be held before the title is issued to avoid future legal complications. Tenancy-in-Common, Joint Tenancy, Joint Tenancy With Rights of Survivorship or Tenancy-By-The-Entirety (for married couples only). Refinancing can be used to change the names on both the mortgage and the title. That said, there are scams out there where the person who originally owned the house is told they can't be on the mortgage loan and so can't be on the title. THAT IS NOT SO. Look for another lender and question the morality of the person who wants to do this "for" you. In the case of a divorce or other split, one person can sign a quitclaim and a warranty deed and then the names on the title can be changed. == ==
If a person filed bk 13 and their mortgage company sells their loan does that mean the bankruptcy 13 is no more?
No. Nothing has really changed for the borrower. He/she just now owes the money to a different person. The mortgage has been sold, and is owned by a new person. Its status is still the same -- either current, late, or in default. The new owner/lender may choose to not pursue it, or may pursue it more aggressively (e.g., foreclose). However, the borrower's protections under Chapter 13 are still the same -- the new owner of the loan has no better/worse status or more/less powers.
