0
What else can I help you with?
Who gets garnished for student loan The borrower or the cosigner?
the borrower
Can the primary signer on a car take it from the co-signer if she has the car and is beginning to be late on the payments?
The primary must also be listed on the Certificate of Title in order to take possession of the vehicle. If not then the primary must sue the co-borrower to get possession of the vehicle. In fact, if the vehicle is listed in both names, a court will need to decide who gets what since the co-borrower has already made an investment in the car. The primary may need to buy her out in order to get title in her name alone. You should consult with an attorney who can review your situation and explain your options or take your chances in court by representing yourself.
Can the primary signer on a car take it from the co signer if she has the car and is beginning to be late on the payments?
The primary must also be listed on the Certificate of Title in order to take possession of the vehicle. If not then the primary must sue the co-borrower to get possession of the vehicle. In fact, if the vehicle is listed in both names, a court will need to decide who gets what since the co-borrower has already made an investment in the car. The primary may need to buy her out in order to get title in her name alone. You should consult with an attorney who can review your situation and explain your options or take your chances in court by representing yourself.
What does delinquency mean?
its basiclly the same as a trouble maker or a person who gets in a lot of trouble
My payments is behind but I want to trade it in. what dealership would take it?
I dont see why not. The dealership gets their money from the company that financed the car. You arent paying tge dealership, you pay the financial institution. Problem is, if you're behind on payments, that will not help you to get another vehicle.
What happens when a borrower doesn't pay back an FHA loan?
If the borrower gets too far behind, the home will be foreclosed on. There are a lot of variables and considerations for this type of situation. 1. There can be significant financial expenses to the borrower. 2. The Borrowers credit will be hit hard. 3. The borrower may never be able to get another government loan and may no longer qualify for other government programs. Encourage the borrower to sell the home before the foreclosure happens.
What is deferred principal balance on a mortgage?
A deferred balance is one possible method for a borrower to modify a loan. This normally would be done if the borrower is struggling with repayments, but there is a strong prospect that the borrower's financial situation will improve in the long term. Lenders typically will not insist that a borrower already be behind on payments before agreeing to such a modification. The other part of the balance effectively becomes an interest-free loan to be paid off as a lump sum at the end of the mortgage term. The effect is that the person's monthly repayments will be lower because the amount of the principal subject to monthly payments has been reduced. Whether he winds up paying more or less overall depends on whether the loan repayment period is extended for so long that even with a reduced balance subject to interest, the total interest charged increases. A borrower who gets a deferred balance should make plans to have the cash on hand to pay off this balance when the loan period ends.
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.
Does cosigning an auto loan make you responsible for insurance?
Yes, you are responsible If the person you co-signed for is behind in payments and the insurance coverage expires you are responsible to insure the car until it is sold or the person gets the payments caught up and pays the insurance.
If you cosigned for a car and the primary borrower is not paying can you sue for the car if you have kept the payments current but the car is in the other name?
Sorry, but when you co-sign for a loan you are solely responsible. He gets to keep the car and you get the bill! This is why co-signing is a very dangerous venture and no one should ever do it unless the co-signer know they may have to pay the loan off willing and able. Sorry Marcy If your name is on the title then you can go get the car anytime you want the car, but be advised that he/she can do the same thing no matter who is making the payments. Hope this helps! NEVER CO-SIGN!
Your car gets repossessed and you have a cosigner. What happens to the cosigner's credit?
The co-signer's credit record is wrecked as badly as the primary borrower's. The co-signer has guaranteed the loan would be paid and they are held equally responsible for paying the loan if the primary borrower fails to pay. It will be noted as a default on their credit record. "Co-signers" who agree to guarantee repayment of a loan for a poor credit risk often do so without understanding their own risk and whether they have the resources to repay that loan.
What Is A Delayed Start Lease?
The primary reason for a delayed start lease is when you do not have budget dollars in the current year. The equipment gets installed and paid for in the current year and the lease payments begin in the following year when budget dollars are on hand.
