0
Co-signing is never a good idea, you are totally liable if they do not pay. If the property is repossessed the repossession will go on your credit records and you will be sued for any deficency in the loan. This means you will pay everything that the other party did not pay.
Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer) who may be called primary signer). No difference.
EXCEPT that the cosigner frequently does NOT have possession or legal control of any property involved in the loan, so using it (say selling it) to pay for the loan can be much more difficult, if not impossible.
So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What does it mean if someone has to co sign a loan with you?
To cosign a loan is to guarantee payment if the borrower fails to pay.
If you cosign a car loan for someone and they while under suspension could you be in trouble too?
Co-signing a note means you will be legally liable if that person can not pay.
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
What do you do if you cosign for someone and they wreck the car and sell it but still owe on the loan?
When they get out of jail for selling property with a lien on it, and after YOU pay off the loan, you might consider NOT co-siging again.
Can a minor cosign a loan with someone other than his or her legal guardian?
If you are a minor, you cannot LEGALLY cosign or sign any loan/contractual agreement.
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
Can you buy a car for your kid and they make the payments?
If you cosign the paperwork will come in your name and if they dont pay it comes back on you.
What does it mean if someone has to co sign a loan with you?
To cosign a loan is to guarantee payment if the borrower fails to pay.
How many time can you cosign a car?
how many times can someone cosign a car
If i cosign a car for someone will my name come off in a year?
No. It doesn't come off until the loan is paid and if the person who is getting the loan doesn't pay you will owe for the loan. When you cosign it also goes on your credit report.
Can someone not related to you cosign a car?
Yes.
If you cosign a car loan for someone and they while under suspension could you be in trouble too?
Co-signing a note means you will be legally liable if that person can not pay.
How do you accuse someone who does not pay taxes?
you dont
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
Can a person without a drivers license cosign for someone?
Yes
When you cosign for someone how long are you required to be their cosigner?
For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.
What do you do if you cosign for someone and they wreck the car and sell it but still owe on the loan?
When they get out of jail for selling property with a lien on it, and after YOU pay off the loan, you might consider NOT co-siging again.
