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What happens if your niece defaults on a loan you have cosigned?
Wiki User
∙ 15y ago
you have to pay the amount. You co signed so it ruins your credit. take her to Judge Judy to get your money!
Wiki User
∙ 15y ago
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Can a lien be put on my property if im a senior citizen without going to court 1st for cosigned car?
Unfortunately if you cosigned a loan that means you were willing to pay the loan if the other signer defaults and if that happen they will go by any means to collect that money that you "cosigned/said" you would cover if the other person defaults. I would go after that person that you cosigned for if it has gone this far.
I cosigned a loan for my granddaughter she has filed bankruptcy will her creditors come after you too?
If you are a cosigner on a loan, you are responsible for the debt of the loan if the primary signed defaults on the loan. So, yes you can be called to pay on the loan by the creditors.
Is a person who is 65-years-old and retired responsible for paying a loan they co-signed for if the owner defaults?
Yes - unfortunately when you cosign a loan - you cosigned a loan and if the owner defaults you are still responsible no matter how old you are. You could check with the lenders but wait until they contact you.
What happens when the signer of a car loan passes away and there is a cosigner as well?
The Cosigned assumes full responsibility of the loan.
Will it affect your ability to get a loan if you cosigned for someone else?
Be very cautious about co-signing for a loan. If the primary borrower defaults, you are responsible for the loan payment. It also may affect your ability to get a loan if your debt to income ratio is already high.
Someone cosigned a loan for me and I since lost my job can this person file suit for the entire loan or just what she cosigned for?
No, you would have to redo the loan.
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
If a child defaults on a student loan co-signed by a parent can the parent sue the child to recover the amount they are forced to pay?
No, when the parent cosigned the loan, they agreed to pay what the child couldn't. * Yes, the contract that was cosigned was between the borrower's and the lender. A cosigner has the legal right to file suit against a primary borrower for financial damages incurred due to the primary borrower defaulting on the contract.
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
What happens when a loan is cosigned and the borrowers file bankruptcy but the cosigner is deceased?
The loan would be part of the bankruptcy filing. I can't see how the death of the cosigner is significant. (In financial terms, that is.)
How can you get out of cosigner even through you already cosigned?
Pay the loan off and then collect payments from the person you cosigned for.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
