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If the primary goes to jail can your name be taken off of the loan?
Wiki User
∙ 18y ago
No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.
Wiki User
∙ 18y ago
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What does clean loan mean?
It is a kind of loan where there is no primary or secondary security or collateral taken by the bank.
Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?
The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.
Can you go to jail for title loan?
Can u go to jail for now paid a title loan
Can you go to jail for not paying a bank loan?
Jail is not a penalty for not paying a bank loan. The bank can bring a judgment against the person who does not pay the loan back.
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
What does clean loan mean?
It is a kind of loan where there is no primary or secondary security or collateral taken by the bank.
Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?
The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.
Can the primary on a car loan have the cosigner's name taken off the loan without the cosigner's permission or knowledge?
IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.
Can you go to jail for title loan?
Can u go to jail for now paid a title loan
Can you go to jail for not paying a bank loan?
Jail is not a penalty for not paying a bank loan. The bank can bring a judgment against the person who does not pay the loan back.
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
What can you do if you co-signed an auto loan and three months later you want your name taken off?
The only way to be removed is to have the loan refinanced by the primary borrower without the participation of the cosigner.
Does a co-signer have to have permission from the Primary Account Holder to be taken off of a car loan?
A co-signer of a car loan needs the permission of the lender to be taken off the loan. That is not likely to happen since the lender wants as many sources as possible for repayment of the loan. Each co-signer is responsible for 100% of the loan. If one doesn't pay the other will be held responsible.
Does the cosigner have to drive the car?
No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.
Can you switch the cosigner to the primary?
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
Can you go to jail for a title loan?
No. You cannot.
Can you go to jail for not paying a loan?
yes
