0
If you are a cosigner on a house and the person does not pay are you responsible?
Wiki User
∙ 17y ago
Absolutely, just as financially obligated as the primary contract singer. As a co-signer, you agree to become financially obligated should the other party default for any reason. You don't then get the house, by the way, only the payments. That's why it's wise to NEVER be a co-signer for anyone.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
What responsibility does a cosigner on an apartment lease have?
a cosigner is a person who is responsible for the rest of the rent that you don't pay if u get evicted the person who signed as a cosigner will have to go to court
Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
Is a cosigner responsible to pay credit card debt?
As long as you are a cosignor you are responsible to pay if he doesn't. Sorry, but the answer is yes. As a co-signer, you are stuck.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
Can a mortgage company put a lien on my moms paid off home if she is a cosigner for my mortgage that is deliquent?
Yes, the mortgage company can do that. She co-signed for the loan and is responsible for it if you don't pay. She can lose her house.
What responsibility does a cosigner on an apartment lease have?
a cosigner is a person who is responsible for the rest of the rent that you don't pay if u get evicted the person who signed as a cosigner will have to go to court
Is a cosigner responsible for overage miles?
A cosigner is responsible for anything the primary party does not pay.
How can the cosigner be soley responsible for a repossesion of a car?
According to the law, a cosigner signs for someone else that they think might not pay off the load. The cosigner signs a contract agreeing to pay the loan off if the other person does not. He can be solely responsible becase he signs a contract promising to do so.
Can a cobuyer refinance a auto loan and remove the buyer from loan?
Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.
Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
What are the qualifications of a cosigner?
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
Is a cosigner responsible to pay credit card debt?
As long as you are a cosignor you are responsible to pay if he doesn't. Sorry, but the answer is yes. As a co-signer, you are stuck.
Are you legally responsible to pay back the cosigner who signed for you on a rental lease?
No not unless you have an agreement that you had to pay the rent.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
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
When someone is a cosigner on the loan of your car does that mean he owns any part of it?
when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan
Who is responsible for a deceased mother's car loan if the loan company is holding the title as collateral?
Nobody is responsible for the loan if there was on cosigner. If the car was inherited by someone, then that person has a right to pay the debt owed and take possession of the title.
