0
If you are being sued for subrogation on a co-signed vehicle and need to file a cross-complaint against the primary borrower should you sue for damages breach or breach of contract?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
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.
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.
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
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.
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.
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 happens to the co signer if the borrower files bankruptcy?
If you are talking about someone who cosigned for your loan filing bankruptcy, As long as you continue to make your payments on time, nothing will happen. If you are talking about someone you cosigned for taking bankruptcy, you may very well have to pay this loan. Contact the lender.
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.
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.
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.
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.
