The cosigner did not have a contract with the primary borrower, only with the lender; that being the case the cosigner would sue for his or her financial losses not for a breach of contract.
Since your ex-fiance cosigned on the loan, they are just as much obligated to the contract as you are. The only way they could get their name "off the loan" was, as you said, for the original borrower to obtain a new loan, in order pay off the original obligation. If this is not possible, then she is locked into the original contract.
No, when the parent cosigned the loan, they agreed to pay what the child couldn't. * Yes, the contract that was cosigned was between the borrower's and the lender. A cosigner has the legal right to file suit against a primary borrower for financial damages incurred due to the primary borrower defaulting on the contract.
if the consigner files bankruptcy can the borrower take the car
The person who's name is on the Title is the owner of the car.
Yes, for Breach of contract.
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.
You may be held responsible for the judgment if the original borrower fails to pay. When you cosigned for the loan you were agreeing to pay it if the borrower defaulted.
Nope... You signed a binding contract.
I cosigned to help a friend purchase a used car. I later found out that the automobile was double the blue book suggested retail price. Now the signer and the car are missing. What can I do to get out of the contract.
You are legally bound to the lease and the obligations of the original contract as if it were your lease. You can take the person that you co-signed for to court for reimbursement.
Yes, you are. That is what cosigning means. The lender didn't think the borrower could (or would) repay them, so they only loaned him the money because you said you would pay if he didn't.
A co-signer is fully legally responsible for the debt of the loan if the other person on the loan fails to pay as per the signed loan contract. All rights and responsibilities are in the contract.
Yes, They can because that means that the primary borrower has failed to meet the requirements of the lender by maintaining coverage on the car. You are already in Default and subject to Repossession by not having the vehicle insured. This failure also increases the risk to the cosigner who is a guarantor on the note. If they decide to Repossess the vehicle and call in the note, your cosigner can be sued and will be held jointly and separately liable for the entirety of original note he cosigned as well as any new charges that have been added due to the primary borrowers breech of contract.A co signer can take charge of the car if the person they cosigned for is not able or does not do what they agreed to. When a financial institution takes out insurance on the car it is to solely keep the institution from being sued, it is not to fix or cover the borrower in anyway, but the borrower will have to pay for the insurance that the financial institution takes out, they usually put it onto the end of the note. Best to keep insurance on the car.
You have your daughter fill out a new application with the landlord. If they will not accept her without a cosigner, and you still want to be off the contract, you wait until the contract expires and refuse to cosign again.
If it's a Parent PLUS loan, no. She's the borrower, not a cosigner.
you and the party you cosigned have to talk to who you have the note with and they should be able to help you out
Pay the loan off and then collect payments from the person you cosigned for.
Be very cautious about co-signing for a loan. If the primary borrower defaults, you are responsible for the loan payment. It also may affect your ability to get a loan if your debt to income ratio is already high.
Hire a lawyer and if the lawyer can't get it back for you, take them to claims court. You'll win for sure.
A cosigner is only responsible for the items that he has cosigned for.
By being a co-signer you become a co-debtor. Therefore if the primary borrower defaults it can reflect on your credit report. There isn't much you can do about it, except try writing a dispute letter, that's a longshot.
No. Only the person who co-signed is responsible. Even in a community property state that debt would not be a marital debt. However, if the primary borrower defaults you wife will have to pay the balance and that, of course, may affect you.
if you are from 'merica
The spouse cannot be held liable, however it is quite possible that the debt is no longer valid for collection. The person who cosigned the loan should find out what the SOL is in the state in which the contract was signed.
If you cosigned, you are the borrower if 1st party doesn't pay. they can only put a lien if they get a judgement first. Remember nothing makes a student loan go away-not even a bk. It just accrues interest forever.