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If someone assumes your loan are you still liable for that loan?
Wiki User
∙ 12y ago
Not if the bank gives it their blessing that the new buyer can formally assume the obligation. usually the bank holder will have a waiver to sign to relieve responsibility of the original borrower. It can be a little tricky because most loans are packaged and sold to 'fannie Mae' and Freddie mac.
Wiki User
∙ 12y ago
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If you cosigned a loan and then went bankrupt and the original loan person skipped on the loan are you now liable as the cosigner even though you went bankrupt before?
Yes you are still responsible, especially if you didnt put it in your Bankruptcy, Any obligation you dont include you are still responsible for
If your wife included a joint car loan in her bankruptcy but you did not file bankruptcy are you still liable for that loan?
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
If you are divorced from your previous spouse who got the house and your name is still on the mortgage how responsible are you for the debt when it goes into foreclosure?
The home is simply collateral for the loan. Regardless of what happens to the vesting of the property (legal ownership) you are still liable for the loan. If a court awarded the home to a spouse, the loan should have been refinanced into their name. If that did not occur your liability for the loan has not changed.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
If after your bankruptcy you sign a loan modification on your home are you now responable for this loan if you still want to walk away if the loan was not reafirmed?
This question should be handled by an attorney,Any loan modification paper work signed after bankruptcy proceeding are a new contract which yes make you liable for that debt.
Can you be arrested for owing a title LOAN anD longer have the car?
No, you will not be arrested but you are still liable to pay back the loan.
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
If a cosigner files for bankruptcy does it put the primary signer under bankruptcy too?
No, the primary signer is still liable. But if a loan is not dischargeable, such as a student loan (actually is is extremely hard to discharge), both the primary and co-signer will STILL be liable after the bankruptcy
When someone assumes your finance payments are you no longer responsible for the vehicle?
IF you transfer the title and loan out of your name you are not responsible. IF NOT, and they don't make the payments, or have insurance on it, YOU are responsible for all aspects of the vehicle as you still OWN it. the name on the title & loan is the responsible party.
How can you assist someone for example a sibling in obtaining a loan without being legally liable if the loan should ever default?
The only way is for you to become a guarantor. You are still resposible if they default. I am assuming that you want to help. But, if you are not willing to go that far out on the limb, why would the loan company?
Are you liable for a car loan if the owner files bankruptcy and the car was charged off?
That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).
What if your loan company wants to repo your car and you no longer have it?
Then you're still liable for the money you owe the lienholder.
If a loan application is filled out incorrectly can a cosigner still be liable for the loan amount Ex such as a signature on the wrong line or not containing a full name?
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Can you be liable if someone was driving your car and he hit a pedestrian walking out of a crosswalk?
It was your car so your insurance will have to pay. Never loan a car out to someone who is not on your insurance policy.
How long are you liable for student loan?
Forever.
If you cosigned a loan and then went bankrupt and the original loan person skipped on the loan are you now liable as the cosigner even though you went bankrupt before?
Yes you are still responsible, especially if you didnt put it in your Bankruptcy, Any obligation you dont include you are still responsible for
If your wife included a joint car loan in her bankruptcy but you did not file bankruptcy are you still liable for that loan?
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
