When the owner defaults on the loan payments
No. You are the primary borrower and are honoring your financial obligation.
The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.
If they were married when said house was purchased then yes... unless they were legally separated on paper by judge/lawyer...then no.
The FHA repossession guidelines for properties involve the lender taking back the property if the borrower defaults on the loan. The lender must follow specific procedures and timelines set by the FHA to repossess the property.
enable or diable
Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.
In Hawaii, creditors can repossess vehicles without court order if the borrower defaults on the loan. However, they must do so without breaching the peace. Borrowers have the right to cure the default before the repossession occurs. Creditors must provide notice before selling the repossessed vehicle.
If you are the co signer, then it is automatically your responsibility if he defaults
If the primary signer defaults the co-signer will become responsible for paying the loan.
Its because you're mother has testicles the size of your head...
what does it mean if you recevie the message override enable defaults loaded