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In Florida if the primary is on disability and can't pay will the bank go after the other signer?
Wiki User
∙ 18y ago
If the account is joint both spouses are liable for the debt and subject to collection actions. If one spouse is a single account holder and the other is only an authorized user, only the account holder is responsible for the debt. This is assuming the question refers to credit card or open account debt, not a morgage, vehicle, or other secured lender. Disability benefits whether SSD or private are not subject to garnishment by creditors in the state of Florida.
Wiki User
∙ 18y ago
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If a co-signer files bankruptcy what happens to the primary signers credit if they continue to pay the loan?
Nothing. The primary is all that is concerned. If signer and co-signer are, were, or will be married - that's different. If either the co-signer or the signer is or was dependent to the other, that's different too, but only if it is regarding your current income. Basically, if you pay the bills, you have good credit.
What if that person refuse to refinance the car in there name so the other person can get off the loan?
The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.
Who is responsible in Florida for rent- signer or cosigner?
Both are equally responsible. If one doesn't pay the other will be responsible. That is what "co-signing" is all about. The co-signer guarantees the rent will be paid.
If you have no credit and just bought a new car with the help of someone else should you be the co-signer and the other person be the primary owner?
No, you are the borrower, but the bank is only letting you borrow because the co-signer has promised to pay if you don't.
Can a co-signer on a jewelry account assume responsibility of the account because the primary isn't making the payments?
Yes most definitely its like any other loan if it doesnt get paid by and means it affects the signer and co-signers credit rating
What happens if co-signer of a student loan dies?
The other signer is responsible.
What is a signer?
There are two separate meanings for co-signer although the latter is the one most often referred to in questions about co-signing:As a co-borrower:A co-signer/co-borrower/co-maker has an equal liability with another. This is in contrast with a guarantor who is liable only if the primary obligor defaults.As a guarantor:A co-signer as guarantor is a third party to the loan who guarantees the loan will be repaid thus reducing the risk of the lender. This co-signer is the person, other than the primary borrower, who signs for the loan and assumes equal liability for the loan. However, the guarantor/co-signer only has a contingent liability. That means they guarantee the loan will be repaid and if the principal borrower defaults the co-signer will be responsible for paying the loan. This is a risky transaction for the co-signer since they are required because the principal borrower has poor credit or no credit and there is a greater chance they will default.
What are the obligations of a co-signer?
Co-signers are in fact co-borrowers and are jointly and severally liable for the loans. A co-signer guarantees the lender that if the primary borrower does not make payments, the co-signer will assume the loan obligations and make payments on it in the primary borrower's place. a cosigner of a car? because if they dont pay there car bills they will come after you for the money. and if you dont have it to pay they will reposses the car and you and the other persons credit is down the drain To pay the bill if the 1st signer defaults. If you don't pay, then your credit is ruined so be careful of who you cosign for. Be sure you can trust them and that they are responsible.
What are the pros and cons of being a co-borrower on a mortgage application as a homemaker with debt?
If this was my call I would not do it there are no pros to this topic.If the primary signer bails you are in deep doo doo. Whoever the lender is they see something on your credit report that they can sieze from you if the primary signer is unable to pay. the other con is that the lender will show up as an inquiry on your credit report which will hurt your score
Can a person with no income other than disability and who owns nothing be taken to court in Florida for a debt collection due to cosigning a car loan?
2004->Ch0077->Section%20041#0077.041">Florida Law No. Diability benefits whether SSD or private disability insurance is exempt from creditor actions.
What is signers?
There are two separate meanings for co-signer although the latter is the one most often referred to in questions about co-signing:As a co-borrower:A co-signer/co-borrower/co-maker has an equal liability with another. This is in contrast with a guarantor who is liable only if the primary obligor defaults.As a guarantor:A co-signer as guarantor is a third party to the loan who guarantees the loan will be repaid thus reducing the risk of the lender. This co-signer is the person, other than the primary borrower, who signs for the loan and assumes equal liability for the loan. However, the guarantor/co-signer only has a contingent liability. That means they guarantee the loan will be repaid and if the principal borrower defaults the co-signer will be responsible for paying the loan. This is a risky transaction for the co-signer since they are required because the principal borrower has poor credit or no credit and there is a greater chance they will default.
Does a co-signer have to have permission from the Primary Account Holder to be taken off of a car loan?
A co-signer of a car loan needs the permission of the lender to be taken off the loan. That is not likely to happen since the lender wants as many sources as possible for repayment of the loan. Each co-signer is responsible for 100% of the loan. If one doesn't pay the other will be held responsible.
