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Q: Is someone who co-signs on a loan up a creek if the primary borrower no longer will keep in contact?
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What are the rights of the cosigner to sell a car?

None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.


If someone cosigns on a vehicle loan does it affect that their credit?

Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.


Is someone cosigns for you does it help your credit or theirs if payments are made on time?

It will be reported to the credit bureaus under both names, but will have a greater effect on the primary borrower's report. If payments are made on time, it will never indicate which party actually made the payment.


What effects are there for someone who cosigns a student loan?

Cosigning on any debt makes you just as responsible as the other borrower. The balance of the debt will be on both of your credit reports, regardless of whether payments are due now, 4 years from now, or past due. The creditor can take any action against you that could be taken against the other borrower, and they do not have to go after the other borrower first.


Can the primary borrower of an auto loan replace their name with someone else's for them to take over payments?

no


If someone cosigns a loan for you will it show up on their credit report?

yes


If someone cosigns because of your bad credit will the lender make them be primary on the loan?

The lender will put the responsibility to pay the loan if you have defaulted and they can't collect from you. In that case, the co-signer becomes the primary in a sense. A co-signer has the same legal obligation to pay the debt as you, which is why someone should put a great deal of thought into agreeing to co-sign for anything.


What are the legal rights if someone co signs for a car and dies before the note is paid in full?

The bank has lost its guarantor in the sense that the co-signer had assumed responsibility for someone else's payment obligation. The primary borrower must be depended upon to pay off the loan.If two people were co-borrowers the surviving borrower would be left with full responsibility for the debt.The bank has lost its guarantor in the sense that the co-signer had assumed responsibility for someone else's payment obligation. The primary borrower must be depended upon to pay off the loan.If two people were co-borrowers the surviving borrower would be left with full responsibility for the debt.The bank has lost its guarantor in the sense that the co-signer had assumed responsibility for someone else's payment obligation. The primary borrower must be depended upon to pay off the loan.If two people were co-borrowers the surviving borrower would be left with full responsibility for the debt.The bank has lost its guarantor in the sense that the co-signer had assumed responsibility for someone else's payment obligation. The primary borrower must be depended upon to pay off the loan.If two people were co-borrowers the surviving borrower would be left with full responsibility for the debt.


Can a cosigner sue the primary borrower?

Anyone is allowed to sue anyone in this day and age, however, the point of having a co-signer is because the primary borrower may not have a credit profile strong enough to get a loan on their own. When suing someone, the goal is to get paid - if the primary borrower did not have enough money or enough credit strength to get a loan, what, exactly, will the co-signer sue them to get? So yes, a co-signer may sue the primary borrower, however, unless circumstances have changed massively since the shared loan was signed, there will be nothing for the co-signer to go after. Depending on the amount of the loan you can sue in small claims court or a higher civil court.


If someone cosigns your auto loan are they responsible for your other debts or only the auto loan?

Just for the auto.


How can a co-buyer take possession of a truck when the primary borrower is not making the payments?

When someone co-signs, they are basically just agreeing to making the payments when the signer can not. * Any legal rights that a cosigner or a co-buyer(borrower) have depend upon whether or not their name is on the title to the vehicle.


How do you remove someone as a co borrower on a mortgage?

The only way to remove a co-borrower would be to refinance the mortgage with only the borrower on the new note.


How does it work when you buy a house for someone and they make the payments?

You should be a non-occupying co-borrower on the note, which means that you will not be living at the residence but you are vouching for the primary borrower in case he/she cant make payments. So basically, your credit is on the line. If you didnt handle the situation in that manner there are numerous other possibilities.


How can you purchase a home when you are a co-signer to someone elses home?

You must be able to prove documentation that the primary borrower and not you have made all the payments on the loan you co-signed for, ie. cleared checks, bank statements showing payment. If you can provide your loan officer with that information, he/she should be able to avoid that obstacle. If you want to pursue this, contact me and I can attempt to assist you.


What do you call someone who owes you money?

borrower


If your spouse co-signs for someone will it affect your credit too?

No, your credit rating is separate from your spouse. If he or she cosigns it will only effect his or her credit rating.


Can a guarantor get their money back from someone who has defaulted on their loan?

No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.


Can a cosigner have their name taken off a debt?

The purpose of a co-signer is to guarantee payment by the primary borrower whose credit record isn't good enough to obtain the loan on their own. The lender will not release the cosigner because if the primary party fails to make the payment it is the responsibility of the cosigner to pay. The co-signer has promised to pay off the loan if the primary borrower defaults. That's how the borrower got the money! It is rare, and would be exceptional, for a creditor to allow a co-signer to be released from liability from an outstanding debt. Usually, the only way this can be accomplished would be for the primary borrower party to refinance the loan in their name only. Call the creditor to see what options are available. At the very least, let this be a lesson you learn from. When you co-sign for someone else, you are taking a risk that a creditor (who lends money as a business) is unwilling to take. There is always a reason they won't take that risk. Why would you?


Do a cosigner have to be physically present in order to cosign for someone?

Of course. The lender will take the necessary steps to verify the co-signers identity and income since the co-signer is agreeing to pay the loan if the primary borrower defaults.


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 someone with bad credit co-sign with someone with good credit and get a card using the other person's good credit?

You've got that stated backward. The person with bad credit who needs a credit card would be the borrower. He has to find someone with good credit to be the cosigner. And the cosigner has to really trust the borrower because he is going to be responsible for repaying the card if (when) the borrower doesn't.


Will it affect your ability to get a loan if you cosigned for someone else?

Be very cautious about co-signing for a loan. If the primary borrower defaults, you are responsible for the loan payment. It also may affect your ability to get a loan if your debt to income ratio is already high.


Does a co-borrower on a loan who isn't an owner of the property need to sign the mortgage as well?

No. A non-owner should NEVER sign a mortgage. A person who has no interest in the real estate should have no interest in promising to be responsible for the mortgage debt. If someone who does not own the property signs the mortgage they are promising to pay for property they do not own. If the primary borrower defaults, the bank will go after the co-signer.


On page 3 of fannie Mae form 1003 section vii details of transaction line p cash from to borrower can someone let me know if money is being received back or owed by the borrower?

If line P on page 4 is negative, it is indicating a credit to the borrower. If it is positive, it is an amount the borrower has to pay.


If someone with good credit cosigns for someone with bad credit will the cosigner's score decrease much?

That is a variable, it could put you in a maxed out situation where you couldn't get a loan for yourself. You only have so much credit to use. Good Luck