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If you cosign for a car loan for a family member they don't make payments can the company sue you for money?
Wiki User
∙ 15y ago
yes - when you co-sign, you are guaranteeing the bank that they will be paid
Wiki User
∙ 15y ago
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How can you apply for a credit card if you cannot get your own but have a family member with excellent credit who will cosign?
Rather than ask your family to jeopardize their credit, why not get a debit card until you've built up your own credit? First, it assures family that you won't default on payments and make THEM pay, and second it lets YOU build up a credit score. It's far more mature as well.
What does it mean to hold the note on real estate?
A note on property is just simply being owed money on a property in private financing. If a family member finances a home for you with their own money. You are making payments to that family member, they would hold the note and should be on the deed to the property.
Can you be sued if a family member pays off a debt for you and your wife but you never signed any documements?
Yes, they can certainly bring suit. You benefited by their payments. They are entitled to get their money back.
If for you borrow 3000.00 for a down payment from a family member and you fall behind in repayment can they force you out of your home if you still owe 600000 to another lender?
Generally: If you signed a promissory note the family member can sue you and obtain a judgment lien. Once recorded you cannot sell or mortgage the property until the lien is paid. Your family member cannot take your home unless they recorded a mortgage in the land records that reserved the right to foreclose. If they foreclose, they would take the property subject to the mortgage and would need to make the mortgage payments.
How many people are required to incorporate a One Person Company?
To incorporate a One Person Company, a Director and a nominee is required. A nominee member is one, who shall, in the event of promoter member's death or incapacitation become a member of the Company.
If i cosign a loan for refinancing a home for a family member and they default what can happen?
You will be responsible for the money.
What happens to your credit if you cosign for a family member as a favor and they fail to make timely payments on it?
You will have the same BAD results as if you had co-signed for a total stranger. Anytime a loan is not paid,not paid on time or defaulted on, the credit results are BAD for anyone signatory to the loan.
How can you apply for a credit card if you cannot get your own but have a family member with excellent credit who will cosign?
Rather than ask your family to jeopardize their credit, why not get a debit card until you've built up your own credit? First, it assures family that you won't default on payments and make THEM pay, and second it lets YOU build up a credit score. It's far more mature as well.
What to do if people missed sixteen days on a payment of a truck that they took payments over from a family member and then they repossess it without motifying you?
Well, a vehicle can be repossessed with no notification, so there's not much you can do about that. If the payments were taken over by family members, it's assumed the first family member was aware someone else would be paying for the truck and so is still responsible to see that the payments are made.
How can an insurance company cancel your insurance due to a family member not on any of your policy's having their license suspended?
The family member needs be excluded to keep your insurance in effect.
Is it against company policy to hire family or in-laws?
No. As long as you're not a supervisor and your employee is a family member to prevent claims or preferential treatment. If it's a problem, they can separate family members into different stores. You just can't supervise a family member
How can you get a truck leasing company to report payments?
In order for a company to be able to report credit information, they must be a member & also have a certain number of clients (last time I checked it was over 250 clients).
Is it against Walgreens company policy to hire family or in-laws?
No. As long as you're not a supervisor and your employee is a family member to prevent claims or preferential treatment. If it's a problem, they can separate family members into different stores. You just can't supervise a family member
Can a board member of a publicly traded company accept payments from the company in the form of a consulting contract or is there rule against this practice?
Board members can do business with the company. Any relationships must be disclosed and must be reviewed by independent persons for fairness.
What does it mean to hold the note on real estate?
A note on property is just simply being owed money on a property in private financing. If a family member finances a home for you with their own money. You are making payments to that family member, they would hold the note and should be on the deed to the property.
What is a baby of the family?
A baby of the family is either the youngest member of the family, or a member of an immediate family who is treated as if he or she is the youngest member of the family.
What should you do when a family member rejects another family member?
fix the relashionship with that family member
