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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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Mortgages

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When buying a house can you get a larger house loan so you can pay off some of your credit cards and car

How long do you have to wait in Canada before purchasing a house after bankruptcy

What is a mortgage lien

Is home owners insurance required

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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.


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!


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.


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.


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.


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.


Can a co-borrower of a car loan sign a pay agreement with a new car dealership to trade in the vehicle without the borrower's signature?

Nope, no way, abolutely not.

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