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If someone cosigns for his granddaughter to borrow money to start a business and she defaults can the bank go after his home his only asset?
Wiki User
∙ 8y ago
If you list your assest to cosign and the house is the asset. Your will then be responsible to repay the loan. As a co signer you have the same responsiblity to pay the loan as the signer.
Not recommended to co-sign on a note unless you have the funds to pay it in full
Wiki User
∙ 8y ago
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If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
If someone cosigns a loan for you will it show up on their credit report?
yes
What does it mean if someone defaults on a loan?
When someone defaults on a loan, it is when you borrow money from a bank and you say that you are going to pay it back, but you do not, therefore stealing their money. This can wreck your credit score and get you in deep trouble.
If your spouse co-signs for someone will it affect your credit too?
No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.
If someone with good credit cosigns for someone with bad credit will the cosigner's score decrease much?
That is a variable, it could put you in a maxed out situation where you couldn't get a loan for yourself. You only have so much credit to use. Good Luck
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
If someone cosigns a loan for you will it show up on their credit report?
yes
If someone cosigns your auto loan are they responsible for your other debts or only the auto loan?
Just for the auto.
Is granddaughter hyphenated?
Yes, "granddaughter" is typically not hyphenated. It is one word that refers to the daughter of someone's son or daughter.
What does it mean if someone defaults on a loan?
When someone defaults on a loan, it is when you borrow money from a bank and you say that you are going to pay it back, but you do not, therefore stealing their money. This can wreck your credit score and get you in deep trouble.
If your spouse co-signs for someone will it affect your credit too?
No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
If someone with good credit cosigns for someone with bad credit will the cosigner's score decrease much?
That is a variable, it could put you in a maxed out situation where you couldn't get a loan for yourself. You only have so much credit to use. Good Luck
You cosing for your girlfriend then you brook up and she married someone else will you still be responsible for this loan if she defaults?
Yes.
If I were to Cosign for someone so they could get a car what happends What is my obligation then?
You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.
What happens when someone cosigns for a bond that you have to make payments on and you don't pay?
Then the cosigner is responsible for paying. most plases uses caladeral like a car or house, if the bond is not paid the car or house is taken
If you co-sign with someone who defaults on the note is there any way to get it removed from the co-signers credit?
Do what you agreed to do. Pay the lender.
