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Is the cosigner responsible if the bank repossessed the loan without notifying them first?
Wiki User
∙ 8y ago
I believe you have 3 choices.
- 1. Pay the loan off.
- 2. Do the B/K route.
- 3. Make sure the lender can find the primary debtor so they can get the money from s/he. If they had any money to start with, you wouldn't have had to co-sign, rite? BUT it is TAX time, maybe they will help you with their refund. Good Luck
Wiki User
∙ 8y ago
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Is a cosigner liable for the balance of a repossessed vehicle if the loan company auctioned it without notifying them?
READ your contract you signed. Call a local attorney for state specific legal advice.
As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
What happens if one co-buyer of a vehicle lets the car get repossessed and moves abroad without paying the deficiency?
The other co-owner or cosigner will be responsible for the debt.
Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
If your car was repossessed and the lender sold it without notifying you what are your rights when they try to collect for the difference?
requirements vary by state. call a local attorney for guidance.
If you move abroad without paying the deficiency of about 12000 dollars on your repossessed car can you be arrested or detained upon reentering the US?
YES! Just wondering how you know that? What would the crime be? What if the person had a cosigner?
What can you do legally if your camper has been repossessed without anyone notifying you?
Very little ! If you default on the payments, the finance company are quite within their rights to confiscate the vehicle. The camper does not become your property until you have made the final payment !
Your car gets repossessed and you have a cosigner. What happens to the cosigner's credit?
The co-signer's credit record is wrecked as badly as the primary borrower's. The co-signer has guaranteed the loan would be paid and they are held equally responsible for paying the loan if the primary borrower fails to pay. It will be noted as a default on their credit record. "Co-signers" who agree to guarantee repayment of a loan for a poor credit risk often do so without understanding their own risk and whether they have the resources to repay that loan.
If a borrower signed a loan for a cosigner is there a way the loan can be changed into the cosigner's name without refinancing?
No.
How can a cosigner be removed from the loan?
The only option is for the loan to be refinanced without the particpation of the present cosigner.
If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
Can an attorney put a lien on your home without notifying you?
YEP!
