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.
What are the options if an exfiance wants off a cosigned student loan but the borrower cannot get another loan to pay off or refinance the cosigned loan and no the loan has never defaulted?
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. ...
If a child defaults on a student loan co-signed by a parent can the parent sue the child to recover the amount they are forced to pay?
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 primary borrower on a cosigned car lease dies. what happens to the car?
The person who's name is on the Title is the owner of the car.
Can you take someone to small claims court if they refuse to repay a student loan that you cosigned for?
Yes, for Breach of contract.
Asked in Mortgages, Debt Collection, Foreclosure
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 severed from a judgment meanI was severed from a judgment but it turned up again. A lawyer sent a subpeona to my job . Can i be responsible for this judgment.I was the cosigner.?
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. ...
If you cosigned on a loan and they are constantly late on their payment can you take legal action and ask that she refinance the car?
Nope... You signed a binding contract.
Asked in Used Car Buying, Contract Law
How do you get out of a cosigning 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. ...
What if you cosigned for an apartment and the lease was broken?
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. ...
Am I responsible for a loan I cosigned for that has since defaulted?
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. ...
What are my rights if a loan I cosigned for isn't paid?
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. ...
Asked in Insurance, Liability Insurance, Co-signing
Can a co-signer take possession of a car if the primary borrower does not have auto liability insurance in Texas but the lender has taken out insurance to cover the car?
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...
Asked in Repossession, Co-signing
You cosigned for your daughter so she could get an apartment you want to get off of it What do you do?
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. ...
I have a student loan through Sallie Mae that my mother-in-law-to-be had cosigned on However when we got the statements only her name was listed on the loan Can this loan be transferred to me?
If it's a Parent PLUS loan, no. She's the borrower, not a cosigner.
How can you get your name off of a car note you have cosigned on?
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 ...
Asked in Chevrolet
How can you get out of cosigner even through you already cosigned?
Pay the loan off and then collect payments from the person you cosigned for. ...
Will it affect your ability to get a loan if you cosigned for someone else?
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. ...
If you cosigned for a vehicle loan and made the borrower sign and notarize a letter stating that in the event of default on the loan the vehicle automatically reverts back to you how do you enforce it?
Hire a lawyer and if the lawyer can't get it back for you, take them to claims court. You'll win for sure. ...
Asked in Co-signing
Is the cosigner responsible for other debts beside the item such as house rental he has cosigned for?
A cosigner is only responsible for the items that he has cosigned for.
Asked in Personal Finance, Loans, Co-signing, Improving Your Credit Rating, Money Management, Credit
Why do late payments on a loan you cosigned for affect your credit rating and what can you do about it?
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. ...
Asked in Cars & Vehicles
Is husband liable for a car loan if his wife cosigned?
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. ...
Asked in Repossession, Loans, Co-signing
If you cosigned on a car loan and car was repossessed 5 yrs ago and now the creditors are harassing you but you don't work and have no way of paying can your husband be held liable if he did not sign?
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. ...
Can a lien be put on home for cosigning a student loan?
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. ...