a cosigner is a person who is responsible for the rest of the rent that you don't pay if u get evicted the person who signed as a cosigner will have to go to court
Yes. If you signed the loan, you are still legally responsible for it.
A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.
No. Once a cosigner has signed the contract the only way they can be removed from the responsibility is a new agreement being made without the assistance of the original cosigner.
No, you signed, you are equally responsible for the payments, you are also equally responsible for what happens with regard to default. This is why the lender permitted you to sign as a co-securer of the original loan.
No not unless you have an agreement that you had to pay the rent.
Yes. You signed the loan agreement, so you are liable.
The best and the easiest way to get out of a loan is to PAY IT OFF ! You signed that you would be responsible for the debt !!!!!!
No. Once you have signed you are responsible for making sure the loan is paid. (An exception would be contracts signed at your home which have a right of rescission built in.)
The primary borrower is always responsible for the debt if he or she has signed a valid lending agreement. It would seem logical that if the lender required the primary to have a cosigner and the named person refused to take on that responsibility then the transaction would not occur.
Unless your name is on the vehicle or you reside in the apartment in which you co-signed, you have no rights in the state of California. If your name is on the car or home, then you can take possession and pay the note.
The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.
Yes. It is a common misconception that cosigners are not responsible for the debt of the primary on the account they signed. I'm not sure how that started, or why it persists, but cosigners, comakers, coguarantors, and cobuyers are equally responsible for the debt they sign with the primary. Collections agencies will not waste a lot of time trying to get a primary to pay when there is a cosigner who is easier to locate. And, because both are equally responsible, there is no need to even try to get the primary who is not paying to do what they are already not doing when the contract was written based on the better credit of the cosigner.
Yes, because you co-signed you signed a contract stating that you will guarantee that funds are paid if he cannot. The apartment complex can actually sue both of you because of the legal and binding contract that you both signed. We have to be very careful when we put our names and credit at risk for those we love.
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
It depends on whether they've already co-signed or not. If so, too bad for them. If not, too bad for you.
Yes, the mortgage company can do that. She co-signed for the loan and is responsible for it if you don't pay. She can lose her house.
Whoever signed the lease is contractually responsible for the rent. If you and the fiance signed, you're both responsible. If only he signed, only he is responsible. If only you signed, you're solely responsible.
You are legally bound to the lease and the obligations of the original contract as if it were your lease. You can take the person that you co-signed for to court for reimbursement.
Well if the original person that you co-signed with defaults on the payments and you are stuck with the payments, technically it is your vehicle and you can take the person to court and take control of the vehicle.
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.
If you are a cosigner on a loan, you are responsible for the debt of the loan if the primary signed defaults on the loan. So, yes you can be called to pay on the loan by the creditors.
# 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.
In the State of Texas, the answer would be "YES" as both parties signed for the car loan and both are responsible for the balance due. I was the primary signor but the cosigner had the car and was making the payments. Then she stopped making payments after owning the car for 3 years and the car was repossessed.