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Co-signing

Upon signing a contract where it says Primary Buyer and Co-Buyer where is a Co-Signer supposed to sign?

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2011-07-14 04:19:55
2011-07-14 04:19:55

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

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The cosigner did not have a contract with the primary borrower, only with the lender; that being the case the cosigner would sue for his or her financial losses not for a breach of contract.

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You can't. You are just as legally bound as the primary signer on the contract and as such are obligated to satisfy the terms of the contract. That's why it's NEVER a good idea to be a co-signer.

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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.


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