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Yes, the cosigner can sue the primary borrower if they can prove the money paid on the exisitng loan was a loan to the borrower and the person had knowledge of and agreed to the action.

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โˆ™ 2007-01-18 19:46:40
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Q: If the cosigner decides to pay off the loan to clear their property used for collateral can they put a judgment on the primary loan holder to collect the amount paid off?
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Related questions

Must the lender notify the cosigner of intent to collect on a default?

The cosigner was probably "notified" that any funds held by the lender would be attached at the time the loan was signed. In order to garnish wages or place a lien on other property, the lender would have to go to court and obtain a judgment, in which case the cosigner would have received a summons from the court.


How do you collect a debt owed when you have been awarded a judgment from the court in Florida but no payment has been forthcoming?

It is the responsibility of the judgment holder to choose the method how to collect the debt owed. The judgment holder files the judgment with the clerk of the issuing court in the manner they wish to collect the debt, such as a wage garnishment, bank account levy, property lien, etc.


How do you collect on a default judgment?

The same way you collect on any other judgment.


How do you collect on a civil judgment?

By executing the judgment against real and personal property belonging to the judgment debtor in accordance with the laws of the state where the debtor resides and/or owns property. You file the execution of the writ of judgment with the clerk of the court in the county and state where the judgment was entered and the debtor resides In some situtations a 'foreign judgment' can be executed against real property owned by the debtor that is located in a different state then the debtor's residential state.


What legal action can be taken to collect from someone that has a judgment against them in small claims?

It varies by state, but post judgment remedies generally include garnishments, levies, and attachment to property.


How do you collect a judgment when the judgment debtor resides in a different state?

File a "foreign judgment" against the real property owned by the judgment debtor. This is done by contacting the tax assessor/land office in the county where the debtor resides. If the debtor does not have real property that can be encumbered by a lien, the judgment holder will need to secure a domestic judgment (requires another suit) from the state court in the county where the debtor resides to seize personal property or garnish wages for the repayment of the debt.


If you are in NJ and have been awarded a judgment in SC how can you collect?

In most cases, you have to officially register the judgment in the state where the assets are located. Once you the judgment has been entered in the new state, you can use the laws of that state to go after the debtor's property.


Does the bank still collect from a deceased co signers estate if the property was sold?

The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure.


If you are given a judgment by the court and the defendant disappears what can you do?

Have the judgment recorded with the recorder's office in whatever state and county you are in. It won't help you collect on the judgment, but if that person tries to sell or buy property there will be a lien that will have to be cleared up prior to doing either.


If my investment property goes into foreclosure will they put a lien on my home?

If the loan on the investment property is "recourse" -- ie you personally owe whatever the bank fails to collect on a foreclosure sale, and then you do not pay that "deficiency", then the bank could sue you and take a judgment against you and file a judgment lien against you that would tie up the house (a judgment lien effectively puts a "stop" on transfers of any property). And if you try to sell the property after they file suit (or possibly even before), you might be charged with a fraudulent conveyance. It also depends on whether they took your home up front as additional collateral. There are too many unknowns because you gave few facts, but this is as "could be".


What happens after a judgment is entered against you in small claims regarding a rental property?

The prevailing party (judgment creditor) may collect on the judgment. You may be summoned to court to tell about your assets, garnishment may be started, or other lawful means of collection may be used, at the judgment creditor's discretion.


If I sign an acknowledgement of assignment of judgment am I giving up my right to collect?

If you are the 'creditor' of judgment and you sign for a third party to collect, then YES, your right to collect is given up. Because once that is signed you just signed over your judgment over to the third party, and it is considered THEIR judgment now. BUT you will still get your money judgment from the third party.


How do you collect a judgment in Massachusetts?

You can't really collect a judgment unless you are going to use a collection service. You can also ask the court for a garnishment. Having a judgment does not mean that is automatically collected.


Can a creditor that has charged off a debt continue to collect and put a lien on real property?

Yes, if the creditor sues the debtor and is awarded a judgment, the judgment can be executed as a lien against real property owned by the debtor. A "charge off" does not mean a debt is not valid nor subject to collection.


Does a debt collection agency have to go to court to collect?

Yes, a creditor/collection agency must obtain a writ of judgment from the civil court in the state where the debtor resides before any action can be taken against the debtor's property. The debtor will receive a final notice of judgment and be given a specified time to claim all exempted property from judgment action.


A gas company does damage to your property and you are awarded a judgment in court but the gas company does not pay so you're lawyer gets a property lien on their properties what happens now?

You need to sue them and obtain a court judgment in your favor, attempt to collect, then get a court order to satisfy your damages by foreclosing on their property sell it at auction and pay off your lien.


What assets or money can be taken from us if a judgment has been made against us to collect unpaid rent for a business we had to close?

It depends on the details. If the business was incorporated and the judgment was against the corporation the creditor can only take business property and assets. If you owned the business as individuals then a judgment creditor can take any of your assets to satisfy the judgment: bank accounts, vehicles, boats, equipment, real property, etc.


What is the difference between a lien and a judgement?

A judgment is a decision made by the courts in a civil suit. A successful plaintiff must enforce and collect upon the judgment. If the defendant doesn't voluntarily pay the judgment, the plaintiff can request a judgement lien.The judgment lien must be appropriately filed in order for the creditor to secure their position to collect the debt. It can be: served on a bank to freeze a bank account; recorded in the land records to seize real property; used by the sheriff to seize personal property; etc.A judgment lien is a TYPE of involuntary lien. There are many different types of voluntary and involuntary liens such as: mortgages; income tax liens; property tax liens; liens for municipal services; mechanic's liens; child support liens; and, judgment liens.


How long can a debt collector collect a debt from a judgment?

A writ of judgment is a court order giving the winning plaintiff the right to collect money owed according to state laws. Judgments can be used to obtain wage garnishment, bank account levy, liqudation of nonexempt property that belongs to the debtor or liens against real property. Most judgment liens can be (are) renewed until they are paid, which means they can stay on a credit report an indefinite period of time. Without knowing what type of judgment or state in which it was awarded it is not possible to say if there is a time frame in which it needs be executed.


A creditor won a judgment against me and the estate of my marriage for a debt incurred prior to my marriage can my husband's wages be garnished to collect on this judgment?

If the husband was not liable for the debt, then his wages cannot be garnished to collect on the judgment. The judgment is against the person who incurred the debt.


Do you have to report a judgment against you to the IRS?

Can someone collect my income tax return for a judgment against me


How long can a collector attempt to collect on a repo car?

As long as it is collateral for a loan in default.


How do you collect judgment money from a levied account?

Court


How long do lenders in Florida have to collect on a judgment?

hoe long do lenders have to collect on a judgement in fla.


What can a Landlord lien of a Tenant's to recover Property Damages in Florida?

To receover property damage in Florida the landlord must file a suit against the tenant. If the landlord wins he can collect using usual means of collecting on a judgment. If the tenant has property then a lien can be placed on it to satisfy a judgment. But if the lien is on a primary home then he cannot be forced to sell the home per homestead laws.