If the car was repossessed will the cosigner still be responsible for the loan if the primary borrower files for bankruptcy?
NO, as long as he co-signed the loan, he is standing good for the payment. They can get a judgment against him and garnishee his wages . Dont let that happen to your Dad.Take Care of Your Business.
What if the primary borrower files bankruptcy is the cosigner still responsible for making payments on the vehicle Can the co-signer take their name off the vehicle?
A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.
Is the borrower responsible for repayment of a vehicle loan two years after the cosigner filed bankruptcy and the vehicle was repossessed?
Yes, that's exactly how it works. If you'd paid for the vehicle at the time of the co-signers bakruptcy you could have kept the vehicle and improved your credit. The creditor wants you to either pay for the remainder of the note or file bankruptcy yourself. * A loan for a vehicle is considered a secured debt and is not dischargeable by the primary borrower(s) or cosigner(s) in bankruptcy action. All parties named on the…
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…
Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.
Yes You Can. This Leaves A Mark On Your Credit Report, Plus Since You Did Not File; You Now Are Responsible For The Debt. NEVER EVER COSIGN++++++++++++ MONEY 101 * Probably not. If the debt was discharged in bankruptcy then it is not subject to collection procdures including a lawsuit. In some state filed BK's a cosigner has protection in this area if specific circumstances exist.
No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.
What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected…
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
If you are a cosigner on a vehicle loan and your name is listed on the title as OR then what rights do you have when the primary buyer defaults on payments?
You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The…
A lender can't garnish wages; that has to be done by court order. That can be accomplished, but usually only after the lender has made the cosigner responsible for the debt and failed to collect. After all, that's the responsibility of being the cosigner -- to provide payment should the primary borrower fail to pay.
Can a lender make you pay for a loan for which you co-signed if the borrower filed a Chapter 7 bankruptcy and is no longer making payments?
Can you sign a Waiver of Insurance that means the cosigner is not responsible if you are in an accident?
What does severed from a judgment meanI was severed from a judgment but it turned up again. A lawyer sent a subpeona to my job . Can i be responsible for this judgment.I was the cosigner.?
Can someone with bad credit co-sign with someone with good credit and get a card using the other person's good credit?
You've got that stated backward. The person with bad credit who needs a credit card would be the borrower. He has to find someone with good credit to be the cosigner. And the cosigner has to really trust the borrower because he is going to be responsible for repaying the card if (when) the borrower doesn't.
If you cosigned for a car and it got repossessed voluntarily what will it do to your credit and will you owe?
Whether a repossession is done "voluntarily" by the primary or through the action of the lender, the primary borrower and the cosigner are still legally responsible for all the terms of the lending agreement. The affect the repossession has on the cosigner's credit history will depend upon the actions of the lender to recover the debt owed.
If the primary owner of a car files for bankruptcy and it is discharged and the car is back with the company will the co-signer be liable for the payment?
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not. Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not. Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not. Yes. That's the reason the lender required a co-signer…
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…
Only if the co-signer insists on that arrangement. However, the cosigner should be fully informed of their vulnerability when they take on such a responsibility. They will be fully responsible for paying off the loan if the primary borrower defaults, fully responsible for making certain the car is fully insured and they will be legally vulnerable should there be an accident resulting in damages. Only if the co-signer insists on that arrangement. However, the cosigner…
Does the cosigner have legal recourse monetary damages when the primary borrower defaults on a vechicle loan?
Can the primary borrower be sued by the cosigner if a loan is in default and the lender sues the cosigner?
Typically, yes. When a person co-signs a loan they are EQUALLY responsible for the debt. When one party files for bankruptcy they are not going to be responsible for payment unless it falls within a category of non dischargeable debts (in which case they would) but you should let them know of the almost certain liability. Beyond the requirement to pay for the debt, the cosigner may also have to pay late fees or collection…
Would it be better for the parents to be the borrower rather than the cosigner for their kids on a refinance?
You should understand that if you co-sign a loan then you will be responsible for payment if the borrower defaults. Your credit will be affected by any late or missed payments because you will be held legally responsible for the loan in every sense. It sounds like you may be inquiring about a mortgage refinance. The borrower will be the owner of the property. The co-signer is the volunteer who guarantees the loan will be…
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.
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…
A co-signer will be part of the contractual agreement, and equally responsible for the debt until the loan is paid as agreed or refinanced w/o the co-signer entering into a new contract. The obvious exception would be the co-signer filing for bankruptcy, if the primary borrower should file, the co-signer will be responsible for the debt. Co-signing also has a significant impact on the person's credit rating.