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If you cosigned on a car loan and the primary defaulted now the lender is threatening to issue a judgment against you what does that mean and how do judgments work?
Wiki User
∙ 8y ago
If you cosigned a car loan and the primary defaults, you are now legally responsible for repayment of the loan. If payments are not made on the loan the vehicle may be subject to repossession by the lending institution. As the cosigner on the loan you have guaranteed that if the primary does not make payments YOU WILL. If you do not want this situation to adversly affect your credit, make sure the payments are made. A legal Judgment is issued by the court, and is an attempt to collect a debt that is owed the plaintiff/lending institution. This could include repossession, or deducting the payments from your payroll checks.
How long will it take from the date of the notice of Judgement is sent to your house.Is it 10-day grace period and 30 days to paperwork and court date? If so, since she is filing bankruptcy shouldn't I file also since I'm told the loan is for 10,000 yet the car is only worth $300.00 in a lien sale and is not worth the repair. Is there any way to tell if the car was insured? Help!DWood
Wiki User
∙ 8y ago
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Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
How long can a judgment remain on your credit report?
Most judgments will remain on a CR for seven years. Some judgments are renewable, in which case it can remain on a report indefinitely.
Can you pay a fine to get a judgment removed from your credit report?
No, judgments remain on a credit report for seven years. Some types of judgments are renewable and therefore can remain on a report an indefinite amount of time. If you are willing to pay a fine, why not just pay the judgment?
How can you quickly remove a judgment from your credit report?
Bankruptcy. Bankruptcy will not remove a judgment from the debtor's credit report. The judgment will still remain for the required time if it is discharged in bankruptcy, settled or paid in full. Valid judgments remain for the required 7 years. Most judgments are renewable and can be reentered on the debtor's credit report whenever that action is taken.
How do you get rid of judgment?
Valid judgments remain on the debtor's credit report for seven (7)years. They cannot be expunged before that time. If the debtorpays or settlesa standing judgment it will be marked"satisfied" itwill, however, remainfor the required time limit. Most judgments are renewable. When a judgment is renewed it can be reentered on the judgment debtor's credit report. If that happens it will remain for another seven (7) years until paid. This is only one of several reasons why judgment/liens are extremely damaging for a judgment creditor.
Can you be garnished for the same thing twice?
If you mean for the same judgment, YES. Two judgments for the same defaulted loan, NO.
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.
Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
Is a judgment against everything that you own or are judgments against specific things?
A judgment is against specific things.
What are unpaid judgments?
A judgment is a debt that is legally owed by a debtor. It is a court ordered payment demand. An unpaid judgment is a judgment that has not been resolved.
How can you avoid snap judgment?
Try using Velcro judgments instead.
If you cosigned for your fiance's car loan and she defaulted on the payments can you sue her for the balance of the loan?
Yes, anyone who is owed a debt and can prove that a lending agreement existed between the involved parties has valid grounds for a civil suit. A cosigner would need to prove to the court that he or she paid the remainder of the debt before a judgment would be awarded
Do all judgments put liens on home titles?
No. A judgment has to be docketed for there to be a liens. This, of course, is referring to civil or small claims financial judgments.
Do judgments come out on employment background check in Texas?
Yes, if the employer pays for a judgment search to take place. However, judgments can only legally reported under FCRA for the past 7 years to conduct a judgment search.
Can a hospital garnish your wages if the bill is over 5 years?
In most states, yes, if they have a judgment. Judgments are enforceable for ten years with a potential ten year extension (in New York, judgments are enforceable for ten years from the date of judgment).
How long can a judgment remain on your credit report?
Most judgments will remain on a CR for seven years. Some judgments are renewable, in which case it can remain on a report indefinitely.
If your vehicle was repossessed and you now have a judgment how do you get the judgment off?
The judgment creditor must be paid in full according to the terms of the judgment order. Most judgments are renewable and can remain on a credit report indefinitely until paid.
