A cosigner can only be relieved of the financial obligation through refinancing of the loan without the current cosigner's participation.
When agreeing to be a cosigner on a loan, the cosigner takes on the responsibility of repaying the loan if the primary borrower fails to do so. This means the cosigner is legally obligated to make payments on the loan if the borrower cannot.
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
No, you do not have to pay for a cosigner when applying for a loan. A cosigner is someone who agrees to be responsible for the loan if you are unable to make payments, but they do not typically have to pay any fees to be a cosigner.
Yes, a minor can obtain a loan with a cosigner, as the cosigner takes on the responsibility of repaying the loan if the minor fails to do so.
Since you are both on the loan you are both on the title. You can refinance without them on the loan but would need them to sign the title over or transfer at close.
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
NO. As the cosigner, you are only guaranteeing the loan.
yes
When agreeing to be a cosigner on a loan, the cosigner takes on the responsibility of repaying the loan if the primary borrower fails to do so. This means the cosigner is legally obligated to make payments on the loan if the borrower cannot.
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
No, you do not have to pay for a cosigner when applying for a loan. A cosigner is someone who agrees to be responsible for the loan if you are unable to make payments, but they do not typically have to pay any fees to be a cosigner.
Yes, a minor can obtain a loan with a cosigner, as the cosigner takes on the responsibility of repaying the loan if the minor fails to do so.
Since you are both on the loan you are both on the title. You can refinance without them on the loan but would need them to sign the title over or transfer at close.
Yes, you can have a cosigner for a home equity loan. A cosigner is someone who agrees to be responsible for the loan if the primary borrower fails to make payments. Having a cosigner can help you qualify for a loan or get a lower interest rate.
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, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.