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What can you do if the borrower will not pay?

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

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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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.

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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.

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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.

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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.

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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.

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You have issues. Why not buy another furniture instead.

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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.

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

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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.

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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.

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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.

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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.

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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.

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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.

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

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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.

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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.

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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.

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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.

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A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.

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A cosigner's responsibility is to pay the loan in full if the primary borrower fails to pay. The connection to the primary borrower is irrelevant, whether it is a family member or a friend. You should never co-sign unless you can afford to pay your friend's loan. You should also note that when you are required to pay the loan as a cosigner (after the primary borrower defaults) your own credit may be ruined and you will be paying for property that you do not own. The default rate for people who need co-signers is high.

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Yes. Before you co-sign be sure you can afford to pay if you have to, and that you want to accept this responsibility. You may have to pay up to the full amount of the debt, if the borrower does not pay as promised. You may also have to pay late fees or collection costs, which will increase the loan amount. The creditor can collect this debt from you without first trying to collect from the borrower. The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc.

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Most lenders require the borrower to pay for it as one of the closing costs.


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