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If a person defaults on mortgage payments will this affect the cosigners on their student loan?
Wiki User
∙ 14y ago
yes
Wiki User
∙ 14y ago
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If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
Do payments on mortgage need to be up to date to get a reverse mortgage?
No they don't. There is no income or credit qualifications other than federal delinquencies. (student loans, federal tax liens etc) We have even stopped foreclosure with a reverse mortgage.
Are there student loans without cosigners?
A student-orphan does not need a cosigner if he has excellent academic performance but he needs to apply through the School Aids department to get the loan. On the other hand, a poorly academic performing student-orphan may not be able to use the assistance School Aids department but he/she can get the loan from the Federal loans schemes and the PLUS that requires cosigners.
Does a cosigner have to replay a federal student loan if the student dies?
Federal student loans do not currently have cosigners. Parents who take out federal PLUS loans for their kids often think they are a cosigner, when they are actually the sole borrower. All federal student loans are discharged if the student dies.
How do deferred payments for student loans work?
When student loans are deferred, the payments are put on hold for a set amount of time.
Do you have to be a full time student in order to defer your student loans?
You can defer your student loan payments while in school. Typically student loan payments are not deferred due to employment status.
What is a student loan calculator?
This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.) If You need this calculator visit this site http://www.finaid.org/
When is your student loan in default status?
In the US, a Federally Guaranteed student loan is considered default after 270 days on non-payment. If you need help with your delinquent or defaulted student loans, click on the link below.
If a daughter received an unsubsidized Stafford Student Loan are the parents responsible for payments if she stops paying on it?
No. Only the student who signed the promissory note is legally obligated to repay the loan. Stafford loans do not have credit requirements or cosigners; in fact, the borrower no longer even needs to be 18. Parents may be contacted by the loan holder if they were listed as references, but only for the purpose of trying to locate the borrower. In the past, Guaranteed Student Loans did sometimes have parent "endorsers" who were responsible if their son or daughter did not pay.
If you cosign for a student loan does it show up on your credit report before or after the student starts making payments?
It shows on your credit report even before they start making payments.
Are private student loan cosigners in danger if you default on other loans they didn't cosign?
OP here with more details: the private student loans they are cosigned on are current/paid on time, but other private student loans (with the same lender) are about to default. Can this in any way cause problems for my cosigner?
When is co signer required to take over student loan payments?
The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.
