0
What happens if a cosigner refinances a primary signers loan without notice?
Wiki User
∙ 13y ago
If the first loan was refinanced it must have been paid off by the second loan. You are not responsible for the second loan if you didn't sign it.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can a primary signer get off the loan when the cosigner wants to take over payments?
Not likely, the lender will probably require you to refinance the loan in only the co-signers name.
Can a cosigner of a ATV sell the ATV?
you must have the signature of both signers
Can you default on an auto loan if there is a cosigner and you are the primary?
Well, you CAN default but the co-signer would then be completely responsible for paying the loan that you defaulted on. The co-signers credit will be impacted by your default and all subsequent collections.
Your car gets repossessed and you have a cosigner. What happens to the cosigner's credit?
The co-signer's credit record is wrecked as badly as the primary borrower's. The co-signer has guaranteed the loan would be paid and they are held equally responsible for paying the loan if the primary borrower fails to pay. It will be noted as a default on their credit record. "Co-signers" who agree to guarantee repayment of a loan for a poor credit risk often do so without understanding their own risk and whether they have the resources to repay that loan.
What the loan cosigner's responsibility when the loan is for a friend?
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.
Do a cosigner have to be physically present in order to cosign for someone?
Of course. The lender will take the necessary steps to verify the co-signers identity and income since the co-signer is agreeing to pay the loan if the primary borrower defaults.
Do you have to get a cosigner after you already purchased the vehicle?
Co-signers are only asked to help you qualify if you have not been approved for the auto loan.
Can the lending company sue the cosigner on an auto loan if borrower doesn't make payments?
Of course. That's what co-signers are agreeing to when they co-sign.
Can a cosigner of a house rental agreement be sued in Wisconsin?
They can be sued for a breach of the agreement. Co-signers are equally responsible for any default regarding a lease.
Can a bails bondsman garnish your co signers check?
SHORT ANSWER: YESIf you are not current and paid up then the creditor, in this case a bail bondsman, can pursue the cosigner. Garnishing pay, seizing property and so on.That is why they require a cosigner, so that they can make someone pay.
If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
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.
Can you have a cosigner to get a line of credit on your home since you have bad credit?
WHERE I WORK I HELP CLIENTS GET EQUITY LINES OF CREDIT AND WHEN I'VE DONE THEM WITH CO-SIGNERS, BOTH SIGNERS NEED TO BE ON THE PROPERTY'S DEED. YOU CAN SIMPLY ADD THE OTHER PERSON WITH SOMETHING CALLED A QUICK CLAIM DEED THAT AN ATORNEY OR TITLE COMPANY CAN DO.
