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Debbie, I'm sorry that you lost your brother. Your parents are responsible for the balance due on the bike UNLESS there was life ins. on the loan to cover it. Their best option is to (borrow the money to) PAYOFF the loan NOW. Avoid any more interest and/or FEES. Next option.. MAKE AN OFFER !! Have the cash ready when you make it.Maybe $2000???? Good Luck

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โˆ™ 2004-02-17 10:47:07
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Q: Is the co-signer responsible if primary is deceased?
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Is the spouse of a deceased cosigner responsible for the debt?

The ESTATE is responsible.


Is a cosigner responsible for overage miles?

A cosigner is responsible for anything the primary party does not pay.


When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?

The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.


Is a cosigner on a credit card responsible after the primary dies?

Yes.


Is there a way for the cosigner to be removed as cosigner if primary owner defaults?

No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.


If a primary borrower defaults on a loan and the cosigner sues them will that prevent the lender from being able to take action against the cosigner?

No. The cosigner will still be equally responsible for the debt


Is the cosigner the only one responsible on the loan?

The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).


What are the consequences of signing a car loan when the primary borrower defaults on the payments?

When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.


Can a cosigner be affected on a home foreclosure?

Yes. It is a common misconception that cosigners are not responsible for the debt of the primary on the account they signed. I'm not sure how that started, or why it persists, but cosigners, comakers, coguarantors, and cobuyers are equally responsible for the debt they sign with the primary. Collections agencies will not waste a lot of time trying to get a primary to pay when there is a cosigner who is easier to locate. And, because both are equally responsible, there is no need to even try to get the primary who is not paying to do what they are already not doing when the contract was written based on the better credit of the cosigner.


What can a 70-year-old cosigner on a car loan be held responsible for if the loan is found in default?

The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.


Is the buyer still responsible for buying a vehicle if the cosigner refuses to sign?

The primary borrower is always responsible for the debt if he or she has signed a valid lending agreement. It would seem logical that if the lender required the primary to have a cosigner and the named person refused to take on that responsibility then the transaction would not occur.


What if the primary borrower files bankruptcy is the cosigner still responsible for making payments on the vehicle Can the co-signer take their name off the vehicle?

A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.


Can you switch the cosigner to the primary?

Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.


If you are a co-borrower not a cosigner are you responsible for repayment of the loan?

Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.


Can a cosigner ask a lender to garnish the wages of the primary borrower?

A lender can't garnish wages; that has to be done by court order. That can be accomplished, but usually only after the lender has made the cosigner responsible for the debt and failed to collect. After all, that's the responsibility of being the cosigner -- to provide payment should the primary borrower fail to pay.


What can a cosigner do after a car is repossessed Can they sue the primary signer?

Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.


Can a cosigner have a primary title holder taken off the title?

If you go to the registration office with the primary and have them give consent to the cosigner


Is a cosigner liable for an automotive repossession in Michigan?

When you cosign for an automobile purchase you are typically liable for an automobile repossession in Michigan. The reason why is because you are responsible for car payments as a cosigner if the primary debtor cannot pay.


If a cosigner has died and the primary borrower defaults is the cosigner's estate obligated to pay the debt?

Creditors/lenders will attempt almost anything to collect a debt. It is unlikely that a lender could place a claim against a deceased cosigner's estate and be awarded a judgment. But, there are no certainties in the murky creditor vs. debtor arena.


If a car was voluntary repossessed and the cosigner was not notified is the cosigner still responsible?

Yes. If you signed the loan, you are still legally responsible for it.


Is the cosigner responsible for other debts beside the item such as house rental he has cosigned for?

A cosigner is only responsible for the items that he has cosigned for.


Can you sign a Waiver of Insurance that means the cosigner is not responsible if you are in an accident?

It's not necessary for a waiver as the co-signer would not be responsible. A co-signer is only responsible for repayment of the loan, if the primary borrower defaults.


Cosigner repo a vehicle?

If you are a co-signer of a repossesion, and the primary borrower has not made an attempt to make their payments then you are fully responsible for this debt.


Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?

YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.


Who is responsible for a deceased mother's car loan if the loan company is holding the title as collateral?

Nobody is responsible for the loan if there was on cosigner. If the car was inherited by someone, then that person has a right to pay the debt owed and take possession of the title.

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