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Co-signing is never a good idea, you are totally liable if they do not pay. If the property is repossessed the repossession will go on your credit records and you will be sued for any deficency in the loan. This means you will pay everything that the other party did not pay.
Very simply - a co-signer of a loan is responsible for absolutely everything as the "other" signer) who may be called primary signer). No difference.
EXCEPT that the cosigner frequently does NOT have possession or legal control of any property involved in the loan, so using it (say selling it) to pay for the loan can be much more difficult, if not impossible.
So whatever the responsibility, or recourse, (legal or financial) is for whatever action or lack of action required under the loan (and frequently under law too as many times you are considered the owner of any property connected with the loan), you are subject to also.
What else can I help you with?
Is it possible for me to pay someone to cosign for me?
Yes, it is possible to pay someone to cosign for you, but it is important to choose someone who is financially responsible and willing to take on the responsibility of cosigning for your loan or agreement.
Can someone cosign a car lease for me?
Yes, someone can cosign a car lease for you. This means they are agreeing to be responsible for the lease payments if you are unable to pay.
Is it possible to pay someone to cosign a loan for me?
Yes, it is possible to pay someone to cosign a loan for you. However, it is important to carefully consider the implications and responsibilities involved in cosigning a loan before proceeding.
What does it mean if someone has to co sign a loan with you?
To cosign a loan is to guarantee payment if the borrower fails to pay.
If you cosign a car loan for someone and they while under suspension could you be in trouble too?
Co-signing a note means you will be legally liable if that person can not pay.
Is it possible for me to pay someone to cosign for me?
Yes, it is possible to pay someone to cosign for you, but it is important to choose someone who is financially responsible and willing to take on the responsibility of cosigning for your loan or agreement.
Can someone cosign a car lease for me?
Yes, someone can cosign a car lease for you. This means they are agreeing to be responsible for the lease payments if you are unable to pay.
Is it possible to pay someone to cosign a loan for me?
Yes, it is possible to pay someone to cosign a loan for you. However, it is important to carefully consider the implications and responsibilities involved in cosigning a loan before proceeding.
When someone is a cosigner on the loan of your car does that mean he owns any part of it?
when you cosign on any kind of loan you dont have to pay anything unless the person you cosigned for does not pay the loan, then you are responsible for that the remaining balance on the loan
Can you buy a car for your kid and they make the payments?
If you cosign the paperwork will come in your name and if they dont pay it comes back on you.
What does it mean if someone has to co sign a loan with you?
To cosign a loan is to guarantee payment if the borrower fails to pay.
How many time can you cosign a car?
how many times can someone cosign a car
If i cosign a car for someone will my name come off in a year?
No. It doesn't come off until the loan is paid and if the person who is getting the loan doesn't pay you will owe for the loan. When you cosign it also goes on your credit report.
Can someone not related to you cosign a car?
Yes.
If you cosign a car loan for someone and they while under suspension could you be in trouble too?
Co-signing a note means you will be legally liable if that person can not pay.
How do you accuse someone who does not pay taxes?
you dont
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
