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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?

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2006-09-19 21:35:19
2006-09-19 21:35:19

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.

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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.


untill its paid off * The other option is for the primary borrower to have the loan refinanced without the participation of the original cosigner.


Not if you are both on Title unless they forge your name.


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.


A cosigner can only be removed from a loan through refinancing of the original agreement.


The cosigner has the right to file a lawsuit against the primary borrower's to recover his or her financial losses due to the defaulted lending agreement. The procurement of a second mortgage does not seem viable if the primary borrower's credit was not originally sufficient for them to obtain the loan without the need of a cosigner. It is more likely the house will have to be forfeited by means of foreclosure and the cosigner will have to try to recover losses by other means. The primary borrower's best choice is to obtain legal advice as to what their options are before a lawsuit is filed against them.


A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.


If a cosigner's name is not on the title they have no legal claim to the vehicle. They can file a lawsuit against the primary borrower to recover money that they contributed towards the paying of the loan.


The only option is for the loan to be refinanced without the particpation of the present cosigner.


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


SallieMae.com offers loans to sophomore or higher college students with out a cosigner.


Student loans are provided without consigner based on needs. For example if you are independent from your parents, you can qualify for student loans without cosigner.


if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner



Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no cosigner student loans. You can find a detailed procedure through link that is in "Related Links"


You are on the hook if the primary borrower defaults. You cannot unilaterally abnegate your responsibility. You can, however, try to convince the primary lender to refinance the existing loan -- without you as cosigner, this time!


no you do have to have a cosigner with good credit in order to get a student loan.


The only way to take a cosigner off of a loan is to refinance it.


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


women could legally get a checking account on their own without a cosigner in the U.S. in present day today.


No they can not because then the cosinger can report te car being stolen. YES YOU CAN AS LONG AS YOU ARE THE PRIMARY OWNER OF THE VEHICLE. THE COSIGNER IS JUST A PERSON WHO HAS MADE AN AGREEMENT WITH THE BANK THAT IF FOR SOME REASON YOU SHOULD DEFAULT ON THE LOAN THE BANK CAN PURSUE THE COSIGNER. BECAUSE THE COSIGNER PRESUMABLY HAS BETTER CREDIT AND STRONGER WORK HISTORY, THUS THE ABILITY TO REPAY THE LOAN. OF COURSE YOU HAVE TO BE OF AGE AND FOLLOW ALL OF THE LAWS WHEN DRIVING.


The only way to be removed is to have the loan refinanced by the primary borrower without the participation of the cosigner.


If the first loan was refinanced it must have been paid off by the second loan. You are not responsible for the second loan if you didn't sign it.


Not a problem. Try wells fargo.


Yes, if you have a good credit score.



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