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What option do you have if the person you co-sign for stop making payment?
Wiki User
∙ 13y ago
If you co-signed on a debt, you are not obligated. If that person stops making payments, you have no option other than to make the payments yourself.
If you do not, you would be responsible for the debt. It will probably be sent to collections, which will destroy your credit, and eventually will probably lead to a lawsuit, so you're going to pay it one way or the other.
Wiki User
∙ 13y ago
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If you cosign on a loan and they don't pay the bill and the car gets repossessed are you able to go after the primary debtor in court to make them responsible for any outstanding debt?
No. You cosigned on the loan. You are the bank's back-up payment if the first person defaults on payment and you become responsible. That is why it is very important that you trust the person you cosign for or you have the funds to pay for the car if they default. If you pay for the car, it becomes yours. Before it was repossessed, the bank should have notified you in writing. Then you have the option to take the car and pay for it. Both credits will by hurt substantially.
Who is remitter?
the person making the payment
Can you repay a gift that was given for down payment on a home?
Ask the person or company if that is an option.
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
Can you cosign for person arrested in another state?
NOT a good idea.
What happens if you cosign a loan and the other person dies?
yes
Can a person without a drivers license cosign for someone?
Yes
What is the definition of a 'payor'?
A payment is the transfer of wealth from one party (such as a person or company) to another. A payer is the party making a payment. The payee is the party receiving the payment.
If I cosign for a rental property how an I held liable if they don't pay their rent?
It's the same as co-signing for a loan. If they don't pay, you will be contacted. If you don't pay it can be reported to the credit bureau. When you co-sign any contract or loan, you are guaranteeing the payment(s) on behalf of the person you co-signed for. If the person you co-signed for does not make the payment(s), the person who is owed has a right to demand payment from you. By co-signing, you entered into a legal contract.
If 2 people cosign as borrowers for a mortgage how can you get one person off the mortgage if they aren't making any payments?
The only way to remove a borrower from a mortgage is to refinance the mortgage.
Can you have a person with new credit cosign your loan?
It's up to the lender.
If a person is making payments on a motorcycle when do they get the title?
About 2 weeks after you make the last payment.
