Almost anyone can be a loan cosigner, however they must be creditworthy, accept and intimately understand the responsibilities which accompany the role, and meet any of the lender specific requirements.
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
The lender will evaluate the cosigner's ability to repay the loan. As long as the cosigner is mentally competent, his health is not normally an issue. If the family had gone to court to have a conservator or guardian appointed for the grandfather BEFORE the loan was signed, it would not be valid.
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
The only way to take a cosigner off of a loan is to refinance it.
Most private student loans applicants are required to have a cosigner, especially undergraduates or students who don'tt have a steady income or credit history. The cosigner is required to sign the loan document, but the student is the primary borrower. By signing, the cosigner agrees to be fully responsible for repaying the loan if the student does not fulfill his or her obligations.
No.
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
The only option is for the loan to be refinanced without the particpation of the present cosigner.
The lender will evaluate the cosigner's ability to repay the loan. As long as the cosigner is mentally competent, his health is not normally an issue. If the family had gone to court to have a conservator or guardian appointed for the grandfather BEFORE the loan was signed, it would not be valid.
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.
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
No, a cosigner generally has no legal rights to the property that they are cosigning for.
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.