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When you cosign for someone and they default on the payment are you responsible?
Wiki User
∙ 13y ago
Yes, you are responsible. Here is a reference to give you more advice.
http://www.essortment.com/articles/responsibilities-of-cosigner_6838.htm
Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer) who may be called primary signer). No difference.
EXCEPT that the cosigner frequently does NOT have possession or legal control of any property involved in the loan, so using it (say selling it) to pay for the loan can be much more difficult, if not impossible.
So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.
Wiki User
∙ 13y ago
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What does it mean if someone has to co sign a loan with you?
To cosign a loan is to guarantee payment if the borrower fails to pay.
If you cosign for someone and they go bankrupt does it affect you?
You would be responsible for the note or loan you co-signed for.
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.
What does it mean if a bank asks you to get someone to cosign for you?
they want your parents or another responsible adult to say they will repay the loan if you can't .
Whose credit score is used when you cosign for a loan?
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
If i cosign a loan for refinancing a home for a family member and they default what can happen?
You will be responsible for the money.
When you cosign for someone how long are you required to be their cosigner?
For the length of the contract you sign. If you cosign on a 3 yr loan, you are responsible for the debt for 3 years.
What does it mean if someone has to co sign a loan with you?
To cosign a loan is to guarantee payment if the borrower fails to pay.
If you cosign for someone and they go bankrupt does it affect you?
You would be responsible for the note or loan you co-signed for.
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.
Can my husbands wages be garnished if I default on my student loan?
Not if he did not cosign on the loans.
What does it mean if a bank asks you to get someone to cosign for you?
they want your parents or another responsible adult to say they will repay the loan if you can't .
Whose credit score is used when you cosign for a loan?
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
How many time can you cosign a car?
how many times can someone cosign a car
How can I cosign for a loan without being legally liable?
no such thing! sorry! by cosigning a loan you are gaurenteeing payment therefore you are responsible for the loan if the original signer defaults every late payment and every on-time payment effects both parties either positively or negatively
Can someone not related to you cosign a car?
Yes.
If you cosign for a student loan for your spouse you get divorced and he refuses to pay can you sue him for payment?
Yes.
