Yes, a cosigner can be held legally responsible and sued for a car accident involving the primary borrower, as they are equally liable for the loan and any related incidents.
No, a cosigner cannot remove the primary borrower from a loan agreement. The primary borrower is responsible for the loan, and the cosigner is only responsible if the primary borrower fails to pay.
Having a cosigner means that someone with a good credit history agrees to be responsible for a loan if the primary borrower cannot pay. This can help the borrower qualify for a loan or get better terms, but it also puts the cosigner at risk if the borrower defaults.
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
Yes, a Home Equity Line of Credit (HELOC) can be obtained with a cosigner. The cosigner is equally responsible for repaying the loan if the primary borrower defaults.
Yes, it is possible to have a cosigner on a home equity loan. The cosigner agrees to be responsible for the loan if the primary borrower fails to make payments.
No, a cosigner cannot remove the primary borrower from a loan agreement. The primary borrower is responsible for the loan, and the cosigner is only responsible if the primary borrower fails to pay.
It's not necessary for a waiver as the co-signer would not be responsible. A co-signer is only responsible for repayment of the loan, if the primary borrower defaults.
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
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.
Having a cosigner means that someone with a good credit history agrees to be responsible for a loan if the primary borrower cannot pay. This can help the borrower qualify for a loan or get better terms, but it also puts the cosigner at risk if the borrower defaults.
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
A Co-signer is always responsible for the item unless the primary borrower refinances and removes the co-signer. Unfortunately if the primary borrower filed bankrupcy it doesn't seem likely they will be able to refinance. Yes. Cosigner means that if for ANY reason the main borrower cannot pay, cosigner will be responsible to pay.
No. The cosigner will still be equally responsible for the debt
Yes, a Home Equity Line of Credit (HELOC) can be obtained with a cosigner. The cosigner is equally responsible for repaying the loan if the primary borrower defaults.
Yes, it is possible to have a cosigner on a home equity loan. The cosigner agrees to be responsible for the loan if the primary borrower fails to make payments.
Yes, a cosigner can take over a car loan if the primary borrower is unable to make payments. This means the cosigner becomes responsible for making the payments on the loan.
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.