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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?
Wiki User
∙ 17y ago
Hire a lawyer and if the lawyer can't get it back for you, take them to claims court. You'll win for sure.
Wiki User
∙ 17y ago
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What does the term notice of default mean?
A notice of default is used to notify a borrower that they have defaulted on their debt. To default on a debt means to fail to repay it. So a notice of default reminds the borrower that he has not made a payment on his debt on time.
What is imminent default?
Imminent default refers to a situation where a borrower is very close to being unable to meet their debt obligations. It signifies that the borrower is at high risk of defaulting on their loans in the near future.
Can a cosigner put the debt that they cosigned for under bankruptcy to release them from the debt if the debt is not in default?
Yes.
Can a collection agency garnish your wages if you cosigned on a student loan?
Yes they can. I have good news for you though. If you can get the borrower to consolidate the loans without your name as a cosigner, then you will be off the hook. I only know of one company that specializes in consolidating loans for borrowers that are in default, they are Default Management Services, Inc. You can Google the company name and get the phone #. Ask for Doug, he is knowledgeable.
What does default mean in financial terms?
It means that the borrower did not pay as promised. It means you are in default on the loan.
Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?
If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.
Can a co-signer ask the bank to repossess the property covered by the loan?
No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.
By default when does vista automatically defrag a drive?
By default, Vista automatically defrags a drive every Wednesday at 1:00 AM.
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
What financing instrument does not require a judicial foreclosure in case of default by the borrower?
deed of trust
What happens during a foreclosure?
After a default by the borrower the bank takes possession of the property and sells it.
