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What is the responsibility of a cosigner when it comes to paying off a loan?
The responsibility of a cosigner when it comes to paying off a loan is to step in and make the payments if the primary borrower is unable to do so. The cosigner is equally responsible for the loan and their credit score can be affected if payments are missed.
What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Can a cosigner take over a car loan if the primary borrower is unable 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.
When primary borrower files bankrupt how is cosigner affected?
The lender can go after the co-signer. If you are the co-signer you should consult with an attorney who can review the situation and explain your position.
Can a cosigner register a car?
Yes, a cosigner can register a car, but they are not the primary owner of the vehicle. The cosigner is responsible for the loan if the primary owner fails to make payments.
Will a bank repossess a car from co signer if primary goes bankrupt?
Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.
What is the responsibility of a cosigner when it comes to paying off a loan?
The responsibility of a cosigner when it comes to paying off a loan is to step in and make the payments if the primary borrower is unable to do so. The cosigner is equally responsible for the loan and their credit score can be affected if payments are missed.
What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Can a cosigner take over a car loan if the primary borrower is unable 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.
When primary borrower files bankrupt how is cosigner affected?
The lender can go after the co-signer. If you are the co-signer you should consult with an attorney who can review the situation and explain your position.
Can a cosigner register a car?
Yes, a cosigner can register a car, but they are not the primary owner of the vehicle. The cosigner is responsible for the loan if the primary owner fails to make payments.
Can a cosigner become the primary borrower on a loan?
No, a cosigner cannot become the primary borrower on a loan. The cosigner's role is to provide a guarantee for the loan in case the primary borrower fails to make payments.
What are the responsibilities and obligations of a cosigner for a loan?
A cosigner for a loan is responsible for repaying the loan if the primary borrower fails to do so. The cosigner's credit score can be affected if payments are missed, and they may be pursued by the lender for payment. It's important for a cosigner to understand the terms of the loan and be prepared to step in if needed.
How can someone apply for CareCredit with a cosigner?
To apply for CareCredit with a cosigner, the primary applicant can fill out the application online or in person and provide the cosigner's information. The cosigner will need to agree to be financially responsible if the primary applicant is unable to make payments.
What are the responsibilities and obligations of a loan cosigner?
A loan cosigner is responsible for repaying the loan if the primary borrower fails to do so. They are obligated to make payments on time and ensure the loan is paid off in full. Additionally, the cosigner's credit score may be affected if the borrower defaults on the loan.
Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Can you have a cosigner on a home equity loan?
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.
