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Answered 2006-07-22 04:17:28

The lending institution doesn't really care, they'll sue BOTh parties to get their money.

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Would cosigning a car loan hurt you for a mortgage?

It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.


How do you avoid paying a debt as co signer?

The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.The only way to avoid paying a debt as a co-signer is to never be a co-signer. Once you sign you guaranty the loan will be paid if the primary borrower stops paying.


Can the cosigner of a student loan be removed when the loan owner stopped paying because she was convinced to by a third party who used defamation of character against the cosigner?

It may depend on your local state laws, but generally, no. Once you cosign, you are liable for payments if the other stops paying, no matter the reason.


Does wife's co signing a mortbage make her a joint owner?

No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.


Does the co signer have to have a job?

Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.Yes. They must be able to pay the loan if the primary borrower stops making their payments.


If you are a cosigner on a vehicle loan and your name is listed on the title as OR then what rights do you have when the primary buyer defaults on payments?

You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.


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Does a cosigner have rights to have keys to the car?

No. Not unless they are also on the title. The name on the Certificate of Title is the owner. Unless the co-signer makes other arrangements than just co-signing the loan, all they have is the debt to pay if the primary borrower stops making payments.


Can you co sign a student loan if you are collecting unemployment?

If you are unemployed you are in no position to co sign a student loan. By co signing you guarantee that the loan will be paid. If the primary borrower stops paying you will be held responsible for paying the balance of the loan- in full. The default rate on student loans is high and the debt grows rapidly. The lender may or may not allow you to take on that huge risk.If you are unemployed you are in no position to co sign a student loan. By co signing you guarantee that the loan will be paid. If the primary borrower stops paying you will be held responsible for paying the balance of the loan- in full. The default rate on student loans is high and the debt grows rapidly. The lender may or may not allow you to take on that huge risk.If you are unemployed you are in no position to co sign a student loan. By co signing you guarantee that the loan will be paid. If the primary borrower stops paying you will be held responsible for paying the balance of the loan- in full. The default rate on student loans is high and the debt grows rapidly. The lender may or may not allow you to take on that huge risk.If you are unemployed you are in no position to co sign a student loan. By co signing you guarantee that the loan will be paid. If the primary borrower stops paying you will be held responsible for paying the balance of the loan- in full. The default rate on student loans is high and the debt grows rapidly. The lender may or may not allow you to take on that huge risk.


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When will your car be repossessed?

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Can you stop visitations if dad stops paying child support?

In the US, no.


Can you take possession of the car if the borrower stops making payments even though they have been paying for a year?

Only if your name is on the title, and only if the primary borrower defaults and the vehicle is subject to being repossessed by the lender.


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overdependence on primary products


What happens if cosigner stops making payments?

The other signer must make the payments or the loan will go into default, the property will be taken and your credit will be ruined.


Why is a co-signer necessary?

A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.A co-signer is needed by a borrower who's credit is not good enough to get approved for a loan in their own name. The co-signer guarantees the loan will be repaid. If the primary borrower stops making payments the co-signer will be held fully responsiblefor paying the loan balance.


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Do the same things he does to you,and he'll be interested.


If someone stops making payments on their car loan and you are the cosigner and your name is also on the title can you pay the loan off and take possession of the vehicle?

Possibly. Contact an attorney for a definite answer.


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What happens if someone stops paying their credit card bill?

If someone stops paying their credit card bill, the account will go into collections. Additional fees and interests will be added to the account. Based on the amount owed on the credit card bill, the lender may file suit.


Is it possible to be a co-signer on a mobile home loan if you already own a home of your own?

It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.


Can a cosigner repossess a car if the primary borrower stops making payments?

No. Only the lender can "repossess" a vehicle. You need to keep making the payments to protect your own credit. It is likely you would need to bring a court action, prove you are making the payments and petition the court to order a transfer of title.


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