No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.
No. You are the primary borrower and are honoring your financial obligation.
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
If the primary borrower defaults the cosigner can get "stuck" with a huge debt and ruined credit. A cosigner has the same legal obligation to repay a loan as does the primary borrower. In addition, a cosigner does not have property owner rights, only the debt. The real question is why would anyone agree to pay a mortgage for land they do not own. A co-signer has an equal obligation to pay the mortgage.
They would need to have the vehicle refinanced in their name only or obtain another cosigner for the refinancing.
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
The only way to be relieved of the obligation is for the primary borrower to refinance the vehicle.
The credit of the primary borrower(s) and the cosigner(s) are equally affected (positively or negatively) and both are subject to the credit history check and evaluation.
Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
No. The only option from having a cosigner removed from the loan agreement is through refinancing. In some cases the lender may be agreeable to allowing a change of consigner's, but there will be additional fees charged.
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
If you go to the registration office with the primary and have them give consent to the cosigner
The cosigner has the right to file a lawsuit against the primary borrower's to recover his or her financial losses due to the defaulted lending agreement. The procurement of a second mortgage does not seem viable if the primary borrower's credit was not originally sufficient for them to obtain the loan without the need of a cosigner. It is more likely the house will have to be forfeited by means of foreclosure and the cosigner will have to try to recover losses by other means. The primary borrower's best choice is to obtain legal advice as to what their options are before a lawsuit is filed against them.
YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
A cosigner is responsible for anything the primary party does not pay.
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
The cosigner has the same legal obligations to repay the debt as does the primary borrower. If the primary borrower defaults, the lender can begin proceedings to collect the full amount owed plus applicable fees from the cosigner. A cosigner can be sued just as can the primary borrower. And if the primary borrower claims bankrutpcy, the cosigner will still get "stuck" with the debt. The credit report of the cosigner will be equally affected, either in a positive or negative way, depending upon the circumstances.
Yes. That is the point of the lender asking for a cosigner. The cosigner will have a repossession showing on their credit as well as the primary lender.
The cosigner issue here is misplaced. The liability of a cosigner comes into play if the primary owner of the car cannot make payments. In the case presented, the primary borrower is doing fine. There is nothing a cosigner can do to take a car away.
Not unless the the cosigner is on the vehicle title. If not on the title the only entitlement the cosigner has is to pay the bill.