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What else can I help you with?
Can a bad credit rating for a primary borrower improve once a balance has successfully been paid off even when there are cosigners involved?
It will not improve as much as it would with no cosignor but some. A "bad credit rating" would not be impacted by an account being co-signed, or paid off. Your credit is affected by having an inquiry to open the loan, having a new loan granted, making payments on time (or not, as the case may be). If the loan was paid on time, as agreed, your credit will improve. If it was not, the credit of all signatories will be damaged.
Can a cosigner be affected on a home foreclosure?
Yes. It is a common misconception that cosigners are not responsible for the debt of the primary on the account they signed. I'm not sure how that started, or why it persists, but cosigners, comakers, coguarantors, and cobuyers are equally responsible for the debt they sign with the primary. Collections agencies will not waste a lot of time trying to get a primary to pay when there is a cosigner who is easier to locate. And, because both are equally responsible, there is no need to even try to get the primary who is not paying to do what they are already not doing when the contract was written based on the better credit of the cosigner.
Does the credit of the cosigner gets affected if car is not paid?
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
Is there any protection for cosigners?
Not really unless you have a signed contract and are willing to sue them. Even then If they screw up on the payments your credit rating will go down. If they completely default your credit rating would go down and you might end up having to pay the entire loan ammount.
Can a car get reposessed without consent?
Oh, but there is consent. When you signed for that car loan, or you agreed to let a lien be on that car, you consented.
Who's credit is affected if the deceased person's mortgage is not paid off and the spouse was not a co-borrower?
Only the decedent's credit record will be affected if they were the only person who signed the mortgage. However, if the mortgage isn't paid the lender will take possession of the property by foreclosure.
Who's credit is affected if a cosigner is bankrupt and the loan is defaulted?
Both parties on the loan. Co-signer and other person they co-signed for
Can your car be legally repo'd for not transferring title?
Yes! I actually work at a credit union, and this happens all of the time. It's not technically a "reposession" it's called "being impounded" but it is basically the same thing, the car is reposessed because you did not follow the security agreement that you first signed when you did the loan.
If a home rental lease contract expires in two years and there is a rollover statement making it a month to month are the cosigners still responsible even after 9 years have pasted?
Unless there has been a new agreement signed since the original, that original agreement is still binding, and the cosigners are still on the hook.
If you co-signed on a vehicle in Maryland and the primary filed bankruptcy can the creditors come after you if the car is turned back in?
Co-signed in MarylandYes! You are the debtor if the other person defaults. It will probably be on your credit report as well. Usually though, in a bankrupt situation, the owner can keep one automobile and their place of residence. Even then, because of bankruptcy your credit may be ruined. Think about purchasing the car if you think that the car will be reposessed. I think that it will save you from them ruining your credit and then you can sell the car outright. Make sure you can get a clear title. Check with the bank or lender immediately for help!
Can your car get repo cause the payment is 40 days behind?
That depends entirely - on the conditions of the contract YOU signed ! If it says your car will be reposessed if your payment is late - there's absolutely NOTHING you can do about it !
Co signed for a car for your grandson and he is not paying If you stop making payments will your credit be affected?
Yes. When you co-signed the loan you made yourself legally responsible to pay the amount due if your grandson failed to make the payments. You are as responsible as he is for paying the loan.
