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What the loan cosigner's responsibility when the loan is for a friend?
Wiki User
∙ 13y ago
A cosigner's responsibility is to pay the loan in full if the primary borrower fails to pay. The connection to the primary borrower is irrelevant, whether it is a family member or a friend. You should never co-sign unless you can afford to pay your friend's loan. You should also note that when you are required to pay the loan as a cosigner (after the primary borrower defaults) your own credit may be ruined and you will be paying for property that you do not own. The default rate for people who need co-signers is high.
Wiki User
∙ 13y ago
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If a person defaults on mortgage payments will this affect the cosigners on their student loan?
yes
If the cosighner stops making payments on car loan but has the car and wont return it?
both owner cosigners credit will be affected both owner cosigners credit will be affected
If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
Can cosigner husband to personal loan make changes without cosigners wife's permission plus California?
No
Where can you get help paying your car note you are behind 3 mos?
Friends, family, or possible negotiation with lender. The note is your and the cosigners responsibility. Perhaps the best option might be to sell the car, pay off the loan and buy something within your budget.
Can a cosigners credit get the car repossessed?
As long as the loan for the unit is paid each month, the collateral will never be repo'd.
What is responsibility as an heir to deceased's loan?
There is no responsibility. The loan is the responsibility of the estate. They are required to pay off the loans if possible.
Does a cosigner have to be on the title of a vehicle?
No, cosigners don't have to be on the title. The loan and the ownership of the vehicle are under two completely different agencies.
Does a cosigner on a mortgage mean that person is an owner of the property?
Yes it does, Only after you refinance the property may you take the cosigners name of the mortgage loan.
Are there student loans without cosigners?
A student-orphan does not need a cosigner if he has excellent academic performance but he needs to apply through the School Aids department to get the loan. On the other hand, a poorly academic performing student-orphan may not be able to use the assistance School Aids department but he/she can get the loan from the Federal loans schemes and the PLUS that requires cosigners.
Is co-signer's credit affected if loan is not approved?
The cosigner evidently didn't have great credit either, since the loan didn't get approved. It will still reflect on the cosigners credit report that they applied for a loan. Multiple inquiries will reduce your credit score.
If my parents are the cosigners on my car loan does that mean that they own any part of it?
The following link may be of interest to you: http://consumer-law.lawyers.com/Cosigning-A-Loan.html
