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Nothing - the other signatory is still responsible for whatever it is that was agreed to.
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∙ 14y ago
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Is a cosigner on a credit card responsible after the primary dies?
Yes.
Does a cosigner have to pay the rent when tenant dies suddendly?
I'm pretty sure the cosigner doesn't have to pay it. If the tenant dies suddenly, I wouldn't think his/her family would be obligated to pay the rent, because I'm sure they would move everything out when the tenant dies.
What happens to your cosigner if the borrower defaults on private loans?
The creditor wil try to get the debt from the cosigner as well.
If the cosigner of a home loan dies will the bank go after his estate for repayment?
My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
What happens when your son dies leaving an outstanding car loan?
My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.
If the primary borrower dies is the cosigner now resonsible for the loan?
Yes, unless the loan is settled by the estate.
Does a cosigner have to replay a federal student loan if the student dies?
Federal student loans do not currently have cosigners. Parents who take out federal PLUS loans for their kids often think they are a cosigner, when they are actually the sole borrower. All federal student loans are discharged if the student dies.
What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
What happens if my cosigner doesn't want to be my cosigner anymore?
It depends on whether they've already co-signed or not. If so, too bad for them. If not, too bad for you.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
What happens when a car is repossessed and you are the cosigner?
You will also be liable for any deficiency balance
