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If the cosigner sues the primary and the primary has never defaulted on the loan will they be likely to win?
Wiki User
∙ 18y ago
If the cosigner has not been financially impacted by the actions of the primary borrower, then there is not valid grounds for a lawsuit. This does not mean the suit could not be brought, but the plaintiff would be wasting time and money as a judgment cannot be awarded where damages have not occurred.
Wiki User
∙ 18y ago
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Does a cosigner have rights to a vehicle?
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
Does a cosigner have legal rights to take your car if the borrower never defaults on payments?
No. He/she simply has to pay the loan if you don't. Has no real right to the car even if you do miss payments. Has to go to court and show you have defaulted on the loan and has paid on it.
What is the risk to be a co signer on a leased car?
A common misconception is that the "cosigner" is not financially responsible for the security of the loan/lease (the car) until after the primary has defaulted. Nothing could be more wrong. The primary and cosigner are simply terms used to differentiate between the two signors. Legally, both are equally responsible for the debt, from the signing of the document until the last payment is made. If payments are missed, both will have their credit rating dinged. If the contract goes into default, both will be contacted by the lender or its agents. In truth, one should never cosign for anyone if that one cannot be trusted unquestionably and unless the cosigner can afford to pay the loan if that should become necessary.
Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
If a cosigner is forced to make payments on the loan because the borrower has defaulted can the car be confiscated from the borrower by the cosigner?
No. The car is not your property, nor do you have legal authority to sieze property. It would be considered grand theft. As a co-signer, you agreed to be just as legally liable for the debt as the borrower. That's why it's a good idea to NEVER co-sign ANYTHING.
What the loan cosigner's responsibility when the loan is for a friend?
A cosigner's responsibility is to pay the loan in full if the primary borrower fails to pay. The connection to the primary borrower is irrelevant, whether it is a family member or a friend. You should never co-sign unless you can afford to pay your friend's loan. You should also note that when you are required to pay the loan as a cosigner (after the primary borrower defaults) your own credit may be ruined and you will be paying for property that you do not own. The default rate for people who need co-signers is high.
How long does a company have to inform a cosigner that the borrower is in default in payment?
It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.
Can the borrower of a private student loan change the cosigner during the term of a loan or must she refinance to do that?
AnswerThe short answer is no, you can never change cosigner on a private student loan. If they die, however, it is transferred to you.
How can you register and make legal the car whose loan you defaulted on but which was never repossessed?
You'll have to pay off the bank and get the title cleared.
If a lender does not provide a cosigner agreement am I still liable for the loan?
# I have never had to provide a cosigner agreement to someone who is cosigning a loan. I am talking about Tx, NY. and Kentucky. If you signed the same promissory note with the other person, then you are both responsible! CORRECTION: If you are speaking of the Notice to Cosigner below: Notice to Cosigner You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn't pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility. It is against the FTC rules and against the law not to provide have have a potential cosigner sign.
If you defaulted on a student loan does this mean you can never get financial aid from any college anywhere ever again?
In the US, the answer is no. You can rehabilitate or consolidate the defaulted loans. To rehabilitate, you need to make 9-12 ontime payments to your current lender. Consolidation is immediate relief and only takes 30-60 days. If you need help with the consolidation of your defaulted student loans, click on the link below.
If the primary has let her insurance lapse due to non-payment is the cosigner in danger of being sued in the event of an accident?
The co-signor isin danger of having to pay the balance due on the loan at all times. If the signor cant afford ins, the notes will be the next thing they cant afford. NEVER CO_SIGN.
