Want this question answered?
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
Yes, if you defaulted on the loan.
Unless you have a specific repayment plan that the collection agency agreed to, there is no legal reason that cannot sue the cosigner.
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
The cosigner did not have a contract with the primary borrower, only with the lender; that being the case the cosigner would sue for his or her financial losses not for a breach of contract.
There is no procedure for this. The mortgage must be refinanced.
I'm almost afraid to ask....for what?You really aren't thinking you can sue the co-signer for your failure to pay your debt are you?You understand, the cosigner isn't there to protect the primary...he is required by and there to protect the lender!
To sue the estate of a deceased borrower as a cosigner, you would need to file a claim in probate court against the estate. The court will then determine if the debt owed is legitimate and if the estate is liable to pay it off. It is advisable to consult with a probate attorney for guidance through this process.
I've seen enough 'Judge Judy' episodes to almost recite her exactly... Anyone who cosigns for something - is equally liable for any costs. Although they were not responsible for the actual accident - the other party can sue each cosigner for the cost of repairing the damages.The cosigner who was not driving - would then have to sue the driver to recover their money.
Seems pointless to even consider. If the primary signer didn't have enough funds to make the car payments, they probably will not have enough funds to pay any lawsuit you charge them with. Fact is, if the primary signer defaulted on payments, then the cosigner would be responsible for making them - If repossession occured, then it was due to the fault of the cosigner .. can't sue yourself.
The cosigner can sue the primary borrower by taking legal action in a court of law. This typically involves filing a lawsuit against the primary borrower for failing to make payments as agreed upon in the contract or agreement. It is advisable for the cosigner to consult with a lawyer to understand their legal options and the process for suing the borrower.
Yes, a cosigner can sue the primary signer if the primary signer fails to fulfill their financial obligations, resulting in the cosigner having to cover the debts. The cosigner may seek legal recourse to recover the money they had to pay on the primary signer's behalf.