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The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.
What else can I help you with?
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
What are the options if an exfiance wants off a cosigned student loan but the borrower cannot get another loan to pay off or refinance the cosigned loan and no the loan has never defaulted?
Since your ex-fiance cosigned on the loan, they are just as much obligated to the contract as you are. The only way they could get their name "off the loan" was, as you said, for the original borrower to obtain a new loan, in order pay off the original obligation. If this is not possible, then she is locked into the original contract.
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
Someone cosigned a loan for me and I since lost my job can this person file suit for the entire loan or just what she cosigned for?
No, you would have to redo the loan.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
How can you get out of cosigner even through you already cosigned?
Pay the loan off and then collect payments from the person you cosigned for.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
If you get married are you responsible for the loan your spouse cosigned for their sibling?
No.
The person you cosigned for on a car loan passed away am I still responsible for the loan?
Yes
Your Grandpa cosigned your student loan The loan was private He recently passed away Can you get the loan discharged?
No dude you are stuck.
You cosigned on a loan without mu spouses knowledge - Have you rished his business?
You are responsible for co signing the loan. If you are partners with your husband in his business, have a loan together on the business, then yes, the business becomes an asset that could be attached if the loan you cosigned on should be defaulted on.
What are the options if an exfiance wants off a cosigned student loan but the borrower cannot get another loan to pay off or refinance the cosigned loan and no the loan has never defaulted?
Since your ex-fiance cosigned on the loan, they are just as much obligated to the contract as you are. The only way they could get their name "off the loan" was, as you said, for the original borrower to obtain a new loan, in order pay off the original obligation. If this is not possible, then she is locked into the original contract.
What do i do when a mortgage account is showing up on my online banking when i only cosigned i have BOA and the loan is with a carrier through BOA I'm not the primary can escrow fix this?
You cosigned the mortgage. If the are now taking the money out of your account to pay the mortgage, it means the other people are no longer paying their mortgage. First: You should contact the other people and see if they actually are skipping payments. If they are skipping payments, then since you cosigned the mortgage the bank will take the money from your account to pay the mortgage. Second: If they are paying the mortgage, you should contact the bank and find out what is wrong. Third: No. Escrow will not fix this. Escrow serves a totally different purpose. It is a way to spread out the taxes over a year's time. 1/12 of the years taxes and insurance are put into an account.
