Both parties social securities #'s are sent to collections for the amount due.
Nope.
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.
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.
Seven years.
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A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
The creditor will seek repayment of the car loan from the cosigner. As long as the cosigner pays, their credit will not be affected. However, if they are unable or unwilling to pay, the debt will be pursued like any other bad debt, and it will affect their credit rating.
The co-signer will also have a repossession showing on their credit as well. The co-signer is just as legally responsible for the car as the person they signed for.
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.