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You co signed a car loan for one of your children which payments are not being made do you owe the debt?
Wiki User
∙ 15y ago
Yes. Anytime you co-sign for a loan you are held equally responsible for the debt as the primary borrower. Either you should try to account for the payments so your credit isn't majorly impacted, or depending on how long they've had the loan they may be able to refi the loan to have your name removed.
Wiki User
∙ 15y ago
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What if you signed mortgage but not promissory note?
If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.
Does co-signing making you responsible for all debt or just co signed item?
Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for thatloan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.
What are the benefits of freedom debt relief?
Freedom debt relief allows a person who has become behind in debt payments, typically credit cards, to restructure the payments. By having freedom debt relief negotiate on your behalf for lower interest or payments, a person is able to decrease their total monthly payments and pay off their debt through a structured system.
Can you be sued if a family member pays off a debt for you and your wife but you never signed any documements?
Yes, they can certainly bring suit. You benefited by their payments. They are entitled to get their money back.
If you co signed for an auto loan will the bank refuse to give you your own loan even if the original loan is not default?
Not if you qualify with both payments. Since you co-signed for another loan, they will count that debt and payment into your debt ratios. If you still qualify, there should be no issues unless multiple car loans to one person is prohibited by a lending policy.
What if collection agency is Calling children regarding a debt?
Illegal! Only adults can accrue debt. Children must have guarantors, or someone that signed off on the debt.
When a parent dies are their children responsible for their debt?
Normally the estate has that responsibility. If the children co-signed, they can be held personally responsible.
Are you responsible for the debt if you signed for a person who can't write?
If you only assiisted the illiterate debtor with their signature probably not. However, if you co-signed the note as being responsible for their debt, yes you are.
Can you take possession of a car that you co-signed for if the primary is making the payments?
NO. Cosigning means the person is promising to be responsible for the debt if the primary borrower defaults.
When you co sign does it help your credit?
Not really. When you co-sign you agree to pay the primary borrower's debt if they fail to pay. That debt would be counted as your debt if you applied for credit for yourself. In fact, if the primary borrower falls behind on their payments or fails to pay the debt that you co-signed for, it could ruin your own credit rating unless you make those payments on time.
What if you signed mortgage but not promissory note?
If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.
What are the benefits of freedom debt relief?
Freedom debt relief allows a person who has become behind in debt payments, typically credit cards, to restructure the payments. By having freedom debt relief negotiate on your behalf for lower interest or payments, a person is able to decrease their total monthly payments and pay off their debt through a structured system.
Does co-signing making you responsible for all debt or just co signed item?
Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for thatloan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.Co-signing makes you completely responsible for paying the debt on the loan you co-signed. That's why lenders require a co-signer for a borrower with poor credit or no credit. If the primary borrower defaults on the payments for that loan the lender will go after the co-signer who also signed the note promising to pay.
Can you be sued if a family member pays off a debt for you and your wife but you never signed any documements?
Yes, they can certainly bring suit. You benefited by their payments. They are entitled to get their money back.
What can you do if debt collector is overcharging your checking account on what you agreed?
If the debt collector is authorized to do a debit withdrawl then there is documentation that you signed authorizing same. If the documentation you signed with the debt collector does not match with the amount being withdrawled from your account, notify your bank immediatly of the fraudulent transactions. Take the documents to the bank. Do not prewarn the debt collector that you are doing this.
Are adult children responsible for deceased parents debt in Minnesota?
Not unless they co-signed for the debt. The estate is responsible for any remaining debts. If there is not enough in the estate to cover them, someone will not get paid.
Are children responsible for deceased fathers debt in California?
Not unless they co-signed for the loans or credit cards. The estate is responsible for the debts.
