0
Is a primary borrower's mortgage or credit affected when the co-signer on a loan declares bankruptcy?
Wiki User
∙ 18y ago
Hard to say. If the primary borrower has been making the mortgage payments on time, it doesn't seem like he should be adversely affected. The only thing that occurs to me is that the mortgage company might require the borrower to find another co-signer. But, if there's been a good payment record for a bit, they just might be persuaded that a co-signer is no longer needed.
Wiki User
∙ 18y ago
Add your answer:
Earn +20 pts
Is the primary loan holder's credit affected when a cosigner declares bankruptcy?
CR??? NO. The loan?? Possibility. that's why the lender required you to have a co-signor. Your CR is not very good. They could require you to get another co-signor or demand payoff.
Will your credit be damaged if you as a cosigner continue to make payments on a car loan when the primary signer declares bankruptcy?
GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad
When should a stockholder receive payment if a company declares bankruptcy?
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
Does co-buyer mean the same as co-signer or is it just to show how much income is in the home?
No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.
What happens if you consigned for real estate and the person declares bankruptcy?
You need to consult a nearby personal bankruptcy attorney that has experience in working with creditor's privileges.
What happens when a cosigner declares bankruptcy-not the primary owner?
Nothing unless they filed on your loan.
Is the primary loan holder's credit affected when a cosigner declares bankruptcy?
CR??? NO. The loan?? Possibility. that's why the lender required you to have a co-signor. Your CR is not very good. They could require you to get another co-signor or demand payoff.
Is a primary borrower's mortgage or credit affected when the co signer on a loan declares bankruptcy?
no
Can a cosigner be removed from a vehicle title before the signer declares bankruptcy?
Yes, they can be removed from the title although there isn't much point to the action if the vehicle is subject to BK seizure. However it is not possible to be removed from the loan agreement. The cosigner will likely be obligated to pay the outstanding debt.
Will your credit be damaged if you as a cosigner continue to make payments on a car loan when the primary signer declares bankruptcy?
GET the car(if you want it), make arrangements with LENDER to do what they will expect you to do anyway....NO DONT pay for it and YES it will be bad
What do you do when your cosigner declares bankruptcy and the bank wants to repo your car which you have kept current?
You pay the loan off in some way or make a large enough payment so you meet the banks guidelines for a loan on your own CR.
Will you lose the car if the cosigner declares bankruptcy?
most likely you will, that's why you had to have a cosignor in the first place. depends on how much you have paid. whether youhave paid on time, and maybe whether you can pay a decent amount on the loan to reduce the balance now.
When should a stockholder receive payment if a company declares bankruptcy?
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
Does a student loan need to be repaid after a school declares bankruptcy?
Yes.
Does co-buyer mean the same as co-signer or is it just to show how much income is in the home?
No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.
If an LLC declares bankruptcy how are owed employee wages handled?
If an LLC declares Chapter 11 bankruptcy the employees wages will continue to be paid as normal. However, under a Chapter 7 bankruptcy, the employees are listed as creditors, and wages are paid out with other creditors from any remaining assets, if any remain.
What happens if you consigned for real estate and the person declares bankruptcy?
You need to consult a nearby personal bankruptcy attorney that has experience in working with creditor's privileges.
