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The lender must take both the primary and the co-signer to court and obtain a judgment lien. The judgment lien can then be used to seize any property that could be sold to pay the debt.

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โˆ™ 2011-02-05 21:17:33
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โˆ™ 2017-10-10 17:17:40

Anyone who signed the loan documents is responsible for paying the loan. If one party won't pay the other must pay. You may be able to sue the non-paying co-borrower in civil court.

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Q: What can you do if the borrower will not pay?
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Related Questions

What is the borrower failed to pay is co borrower liable for it?

Yes. Completely.


A person who take the loan called as?

The lender loans money to the borrower.The borrower takes the loan out with the lender.The borrower is then in debt (owes money) to the lender and the lender is in credit with the borrower and will want the borrower to pay him/her back.


What are the responsibilites of a co-signer?

They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.


Does the co signer have to have a job?

Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.


Does the cosigner have to pay the bill for vehicle if the primary borrower doesnt pay?

Yes!


What happens if you co signed a student loan and the primary borrower dies?

Their going to come after you to pay the debt. YOU CO-SIGNED! That means in the event that the primary borrower can not or does not pay the loan you are responsible to pay that loan. There is no way around that.


What do you do if your vehicle was repossessed if you were the co-borrower and the other borrower has filed Chapter 7?

You either pay or dont pay or file B/K also. If a co-borrower has debt discharged through bankruptcy, the other signatory is 100% liable for the balance of the loan.


What is the predetermined amount the borrower must pay for the use of borrowed money?

Interest is a predetermined amount that a borrower must pay for the use of borrowed money. Interest is calculated as a percentage of the amount borrowed.


Can a cosigner choose to pay of furniture and require the borrower to pay him?

You have issues. Why not buy another furniture instead.


Can a lender make you pay for a loan for which you co-signed if the borrower filed a Chapter 7 bankruptcy and is no longer making payments?

You guaranteed to pay the loan if the primary borrower does not. That is what a cosigner does. The lender is going to be looking at you for their money.


What to do when a co-borrower is messing up your credit?

The only way to distance you from your co-borrower is to make all the payments on time or pay off the loan.


How can you protect yourself if you cosign an auto loan?

There is no "protection" for a co-signer except paying the loan if the primary borrower doesn't pay. If you don't pay the loan then your credit will be ruined. If you pay off the loan you can try to sue the primary borrower in civil court but the chance of reimbursement isn't generally good if they needed a co-signer in the first place.Understand that when you co-sign for a loan you are guaranteeing that you will pay if the primary borrower doesn't.


What is the total amount a borrower must pay for a loans including interest and fees?

A: It depends on the loan company. Ask them & they should tell you.-->The total amount a borrower must pay for loans (including interest and fees) is the Finance Charge.


Who would pay the loan if the borrower dies and there is no co signer?

Unless there is insurance to pay the loan the estate of the deceased will pay it. If there is no estate, the lender is out of luck.


Does a cosigner have rights to sue in small claims court if they pay a debt in full before the primary borrower pays it?

A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.


What is the difference between open end and closed questioning?

Open end credit is when a borrower can continue to borrow and pay off in various amounts, such as a credit card. Closed end is when the lender tells the borrower how much they can borrow and a fee schedule is set up which the borrower will pay until the debt is paid off, such as a car loan.


On page 3 of fannie Mae form 1003 section vii details of transaction line p cash from to borrower can someone let me know if money is being received back or owed by the borrower?

If line P on page 4 is negative, it is indicating a credit to the borrower. If it is positive, it is an amount the borrower has to pay.


What is a co-borrower?

When two people sign a note as co-borrowers they are each responsible for payment of the outstanding debt. If one doesn't pay then the other will be responsible for the entire balance.


What happens to the borrower if they cannot pay back the financial intermediary that lends those funds?

Help?


What do you call the price that a borrower must pay for debt capital?

I believe it is called the interest rate.


What term is defined as a legal process in which mortgaged is sold to pay the loan of the defaulting borrower?

Foreclosure


What does default mean in financial terms?

It means that the borrower did not pay as promised. It means you are in default on the loan.


Who is the owner of a loan that is co-signed?

The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.The lender is the owner of the loan.The person who cosigns a loan is equally responsible for paying it if the primary borrower does not pay.See related question link.


Is a co-signer a co-owner?

No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.


Should both names be on the property title if you co sign a loan?

If you co-sign and your name is not on the title to the property then you may become responsible for paying for property you do not own. When you co-sign you are agreeing to pay off the loan if the primary borrower fails to pay.If you co-sign and your name is not on the title to the property then you may become responsible for paying for property you do not own. When you co-sign you are agreeing to pay off the loan if the primary borrower fails to pay.If you co-sign and your name is not on the title to the property then you may become responsible for paying for property you do not own. When you co-sign you are agreeing to pay off the loan if the primary borrower fails to pay.If you co-sign and your name is not on the title to the property then you may become responsible for paying for property you do not own. When you co-sign you are agreeing to pay off the loan if the primary borrower fails to pay.