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.
No. The only obligation the cosigner has is to the lender.
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
A cosigner can only be relieved of the financial obligation through refinancing of the loan without the current cosigner's participation.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Yes.
Because the cosigner guaranteed the to pay the loan if you do not. You fail to make a payment and the lender will be looking at the cosigner for the payment. You not only have an obligation to the lender who lent you the money but to the cosigner who also signed his name to the loan agreement.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
The obligation of being a cosigner and the inclusion of the person's name on a deed are two different issues. Being removed from a deed does not relieve the cosigner of the financial obligation of the loan. In addition, a quit claim to property is usually necessary, the action needed depends upon the laws of the state where the property is located.