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Co-signing

Is the co-signer the same as the co-buyer?

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2005-02-26 23:35:34
2005-02-26 23:35:34

No. A co-signer is a person who guarantees the loan and a co-buyer is a person who has equal ownership and liability. An example is when a young married couple wants to buy a car but does not have good or sufficient credit or enough collateral for the loan. They might get one of their parents to guarantee payment of the loan by becoming a co-signer. If the couple defaults on the loan, the co-signer becomes liable. In this same case, the couple as husband and wife, sign the loan (co-borrowers) and the purchase document for the car as co-buyers, sharing equally ownership and primary liability.

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Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.

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There is a common misconception that cosigners are not responsible for payment. However, the purpose of a cosigner is to guarantee payment of the loan. The cosigner, comaker, cobuyer, coguarantor or a loan is equally responsible for payment of the debt. So, yes.

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Daughter and husband are getting divorce and she is the co-buyer can she take it out of state

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Cobuyer, cosigner, they are the same thing. Wherever you sign as co-signer you should be aware that if the primary borrower defaults on payments you will be held equally responsible for paying the loan.

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An auto cosigner, in the state of Indiana, has to meet all of the requirements of the contract. In most cases the cosigner has the same obligations as the primary signer.

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The legal responsibilities of a cosigner on a lease agreement are the same as the tenant without the benefit of tenancy.

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You can as long as the title says:(example) John Doe or Jane Doe, if it says John Doe and Jane Doe then the cobuyer has to be a part of the sale.

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Yes, you can replace a cosigner for an apartment with another cosigner. However, you need to get the consent of the landlord.

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A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.

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No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.

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No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.

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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.

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Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.

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Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.

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No. The only obligation the cosigner has is to the lender.

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legal rights of cosigner on mortgage

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Capacity and intent of the cosigner to be bound is required.

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No, but there is no need for recourse. Under the law, the difference between the buyer and cobuyer, the signer and cosigner, the maker and comaker, the debtor and codebtor is negligible. They are simply different terms use to identify two separate parties who are eaually repsonsible for a debt.

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No, for the majority of student loans available in the United States you will not need a cosigner. However, for private loans, you will need a cosigner.

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Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.

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No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.

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Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.

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Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.

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The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.


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