No. You cosigned on the loan. You are the bank's back-up payment if the first person defaults on payment and you become responsible. That is why it is very important that you trust the person you cosign for or you have the funds to pay for the car if they default. If you pay for the car, it becomes yours. Before it was repossessed, the bank should have notified you in writing. Then you have the option to take the car and pay for it.
Both credits will by hurt substantially.
Yes. However, you should be fully aware that if the primary borrower does not pay you will be responsible for paying the mortgage. You have no other rights in the property.
Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
You would be responsible for the note or loan you co-signed for.
they want your parents or another responsible adult to say they will repay the loan if you can't .
Yes, the cosigner is typically liable for the vehicle if the primary borrower defaults and the vehicle is repossessed. The cosigner is equally responsible for the loan and may be pursued for any outstanding debts, fees, or deficiencies resulting from the repossession. It's important for cosigners to understand their obligations before agreeing to cosign a loan.
Yes. However, you should be fully aware that if the primary borrower does not pay you will be responsible for paying the mortgage. You have no other rights in the property.
To cosign a lease extension means to become legally responsible for the lease agreement alongside the primary tenant. This includes agreeing to uphold all terms and obligations of the extended lease period as a form of guarantee for the landlord in case the primary tenant is unable to fulfill their responsibilities. It's important to understand the implications and commitments involved before agreeing to cosign a lease extension.
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.
Yes. And if he does he will become equally responsible for paying the mortgage if the primary mortgagor defaults on their mortgage payments. The bank will go after him for 100% of the debt.
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.
You will be responsible for the money.
It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.
You could be held liable for the payments if the other party defaults. Your signing the contract is "insurance" for the lender that payments will be made, and they will consider you responsible if the primary party defaults.
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
You would be responsible for the note or loan you co-signed for.