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If you were to cosign for a rental agreement how will your credit be affected and how does one get removed as cosigner?
Wiki User
∙ 8y ago
The way it may impact on the credit report depends on if the person pays the rent as agreed. It will also play a part in the cosigner's DTI. Usually the only way of being removed as a cosigner is if the agreement is reaffirmed by the primary holder and the lender. In the instance of rental agreements, a cosigner can sometimes be relieved of obligation if there is a breach of contract. For example, if the person moves someone not on the original rental contract into the apartment.
Wiki User
∙ 8y ago
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Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
Can a cosigner of a home loan receive half of the proceeds?
Did you help make payments? If all you did is to cosign, then no.
If you cosign for a car loan can you be sued successfully?
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
Does a cosigner have to be physically present to cosign a loan?
That would depend on the rules and procedures of the loan provider. If the cosigner alleged that the signature was not theirs, it could create a problem if the signature was not properly witnessed.
Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Can a cosigner get out of that agreement?
No, not until the loan is paid in full. You cosign and you are stuck with that decision just like any other contract you enter into.
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
Can you be seventeen and have a cosigner cosign for an auto loan?
i was able to get an auto loan with the help of a cosigner and im under 18
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.
When might two people need to cosign an agreement?
Two people would need to cosign an agreement when for example, parents need to cosign the loan application for their child or to help a friend in need.
Does a cosigner need a driver's license?
You need a lisence to drive the car, but not to cosign a loan.
What does cosign mean?
a cosigner is someone that also signs a note, meaning that if the original signer dose not pay the obligation the second signer or cosigner must pay. It means, if the person getting the loan does not pay it off, the cosigner is responsible for paying the loan off.
Can a cosigner of a home loan receive half of the proceeds?
Did you help make payments? If all you did is to cosign, then no.
Can the cosigner of a student loan be removed when the loan owner stopped paying because she was convinced to by a third party who used defamation of character against the cosigner?
It may depend on your local state laws, but generally, no. Once you cosign, you are liable for payments if the other stops paying, no matter the reason.
If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
If you cosign for a car loan can you be sued successfully?
Yes. If the signer defaults on the loan, then you, as the cosigner, would be liable.
