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What legal options does a cosigner have when the primary borrowers default on a loan and disappear with the vehicle?
Wiki User
∙ 17y ago
Yes, I agree with the answer below but here is some help hopefully. You are now the collector: Send them a letter--in the left corner of the envelope put your address and add "Fordwarding service requested"--maybe you will get lucky and get a copy of their new forwarding address. Go to motor vehicles department and see if the registration is being kept up in your state. You might get a new address. Check with their friends, and family to see if anyone will give you some information. Ask for a copy of the application from the lender--you will then have their social security numbers, maybe a reference with an address or phone number you can reach. If they rented- go see the manager or contact the owner- see if they left a forwarding address. Tell them you are skip tracing --NOTHING MORE!!. See if they will give you any information- like a reference, where they worked etc off the application they had. Talk to a neighbor--just say you are looking for them--do they have any idea where they might have gone!! Call or go by where they worked--see if they have a change of address for that last paycheck. Lastly Google their names--see what you can find. If you have one of the social security numbers and it means a whole lot to you--use one of the search services--looking for class mates--white pages etc. This will cost you but...you might find them. AGAIN you can only tell people you are looking for them--it is very important you get a hold of them--leave your name and phone number if you think that whoever you are talking to knows how to reach them. Don't blow it by scaring away the information you could get. Good luck in your search!! Unfortunately, you are bound by the contract you signed and are therefore financially responsible. Nothing will change that. If your name appears on the title for the car (it must read 'joe smith AND bob jones', not 'joe smith OR bob jones'), you have a right to it and can report it as stolen. If, however, your name is not on the title, the car isn't your property. It a very expensive lesson.
Wiki User
∙ 17y ago
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What are the cosigner's options if the primary defaults on the loan and leaves the country?
To pay the loan.
What can you do if a car dealership approving a car loan only to require a cosigner or return the car?
There is not much you can do. You could try to get a loan through a credit union or loan company, but the dealership can do this if your loan requirements were not met when you bought the car. Since you need a cosigner my guess is your credit is not good or you don't have enough. Your options are get a independent loan, get a cosigner, or return the car. *********************************************************** There's not much you can do except pay it off. If the lender does not feel comfortable that you, the borrower, can service the debt; then he is within his rights to require a co-signer for the loan. If you default, then it falls upon the co-signer to pay the debt off. Co-signers are notorious for getting burnt on deals like this.
What is banking consolidation?
Banking consolidation is a financial option that assist borrowers in debt repayment at some easy financial terms. In this process, you will need to borrow a new loan that will used to pay off earlier debts. Further, you will need to repay single loan. These loans are available with several financial benefits to the borrowers. Flexible repayment options, extended repayment period, lower interest rate and simple eligibility are some benefits with these loans. However, it is important to compare the available loan options before applying for banking consolidation loans. It is always recommended to select an affordable option for debt repayment.
Is public debt a burden for future generations?
There really are 3 options. If we pay off our debts, then we do not bequeath them to future generations. We can also default on our debts, and again will not bequeath them to future generations. Or if we don't like those two options, then yes, public debt will become a burden for future generations. Then those future generations will have the same 3 options for dealing with those debts.
You have no verifiable income and a large student loan debt in default what are your options?
Student loans live on forever until paid. They cannot be discharged in bankrupcy. You might try for a deferment due to income issues.
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What are the rights of borrowers when the cosigner is considering a lawsuit to force them to take a second mortgage so the cosigner can recover money paid because the mortgage was defaulted on?
The cosigner has the right to file a lawsuit against the primary borrower's to recover his or her financial losses due to the defaulted lending agreement. The procurement of a second mortgage does not seem viable if the primary borrower's credit was not originally sufficient for them to obtain the loan without the need of a cosigner. It is more likely the house will have to be forfeited by means of foreclosure and the cosigner will have to try to recover losses by other means. The primary borrower's best choice is to obtain legal advice as to what their options are before a lawsuit is filed against them.
What are the cosigner's options if the primary defaults on the loan and leaves the country?
To pay the loan.
Are there legal options that a cosigner can use to be removed from an auto loan?
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
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What legal options does a cosigner have on a student loan when the student disappears?
The same options as anyone else who owes a valid debt they do not want to pay. Virtually no options except for repaying the loan amount.
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There are a number of common mortgage refinance options available to borrowers. These include: fixed interest rate refinancing, and variable rate refinancing.
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Sheet1 is always the first worksheet open. There are 3 worksheets by default. You can change that in the options.
How do you change default author in word?
Tools > Options > User Information
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folder
Does windows display all files default?
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