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NOPE! sadly they don't even have to tell you they repoed or are going to repo. the unit. This includes houses, Good rule, DO NOT COSIGN.

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18y ago

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Related Questions

Can a cosigner take the vehicle even if no payments are late?

NO! He is only guaranteeing the loan. He has no legal right to take the car.


If a mortgage payment is 20 days late will that be reported to the credit bureaus?

Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.


Does the lender of a second mortgage have any recourse if the payments become late?

Yes, they will report the late payments to the credit bureaus which will damage your credit score, and if enough payments are missed can commence a foreclosure action on the property.


Can you do a short sale if not late on payments?

You need to ask your lender. Some lenders allow it, but others do not.


What are the rights of a cosigner?

A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.


How long until my late mortgage payment results in a bad credit rating?

As your lender about the specific reporting policies. For the most part, late payments are not reported until the payment is at least 31 days late. Repeated late payments and excessively late payments will shave points off a credit rating.


If a car is in your name as the primary but your cosigner has been making payment for the last year and many of those payments have been paid late can you legally take that car from the cosigner?

Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.


You have paid your car payments but have late fees can they repossess the car?

Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.


If you are a cosigner on a vehicle loan and your name is listed on the title as OR then what rights do you have when the primary buyer defaults on payments?

You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.


Is the cosigner of a private student loan hindered from getting other loans?

The cosigner of a private student loan can and will be hindered if late payments occur. Another downside to said cosigner, that is if they are in school, just like most everything else they best have the money to cover these loans in some type of colateral.


Can the lien holder repo my truck when payments and insurance are current?

They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.


If you have been late on payments and they want to repossess can you still catch up without paying the remaining balance of your loan?

That option is up to the LENDER. Call the lender ASAP for more info.