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If a lender does not provide a cosigner agreement am I still liable for the loan?
Wiki User
∙ 16y ago
# I have never had to provide a cosigner agreement to someone who is cosigning a loan. I am talking about Tx, NY. and Kentucky.
If you signed the same promissory note with the other person, then you are both responsible! CORRECTION: If you are speaking of the Notice to Cosigner below: Notice to Cosigner You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn't pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. It is against the FTC rules and against the law not to provide have have a potential cosigner sign.
Wiki User
∙ 16y ago
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Would a cosigner be liable for debt?
Absolutely ! That's the whole point of someone co-signing the agreement. If the original person defaults on payments, the co-signer becomes liable !
If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
If you cosign for a car loan can you be sued successfully?
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
What can you do if a house is purchased with a fixed rate loan and the mortgage is reassigned to another lender and that lender changes the loan to an ARM?
First of all, you signed an agreement with a fixed rate, and just because it was sold does not mean they have the right to change the mortgage agreement. If you signed a new mortgage agreement stating the new agreement then you are liable for that, but you can call your mortgage company and tell them you have a copy of the agreement you signed and, that you didn't agree to an arm. To sum it up, unless you re-signed a mortgage agreement, they DO NOT have the right to change anything just because they have baught your mortgage from your original mortgagor. Please do not let them run you over. Good luck.
If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
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.
Is a cosigner on a car liable if the primary borrower is at fault in an accident?
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
If you gave a charged off car back to the cosigner would I be responsible for what they do with it?
Yes. You signed the loan agreement, so you are liable.
Would a cosigner be liable for debt?
Absolutely ! That's the whole point of someone co-signing the agreement. If the original person defaults on payments, the co-signer becomes liable !
What is a Reaffirmation agreement in chapter 7 bankruptcy?
A reaffirmation agreement is an agreement between the debtor and the lender that the underlying debt with not be discharged in bankruptcy. The debtor will remain personally liable for repaying the debt even after the bankruptcy.
Is a cosigner liable for a death if the car has no insurance?
No, a co signor would not be liable. A co-buyer would be liable.
Is a cosigner liable for an automotive repossession in Michigan?
When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.
Can you be arrested if you MAKE PARTIAL PAYMENTS ON A DEBT?
No. However, you can be held legally liable for unpaid amounts. If you make an agreement with an ethical debt consolidation company, you can always make partial payments (compared with the original agreement you had with the lender when you borrowed).
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
Can a cosigner sue for the debt incurred as a result of the primary borrower filing bankruptcy.?
No * In most cases, yes. Secured debts such as a vehicle are not dischargeable in BK. Therefore, the primary borrower is only temporarily avoiding action by the lender. If the cosigner is held responsible for the default he or she may sue the primary borrwer for damages incurred. ==ans == Yet another take: The cosigner is a co-borrower. By the primary defaulting he actually gets no more debt than he already had and agreed to be liable for. Whether he would have a claim for paying having to pay the debt he agreed to be liable for before the BK, instead of the primary, would depend on the (hopefully written) agreement between those two parties. While unlikely, it is possible that is noted in the loan document.
If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
