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What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).
Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
What else can I help you with?
What legal rights does a cosigner have to a vehicle?
A cosigner of a vehicle loan is typically equally responsible for the debt if the primary borrower fails to make payments. However, the cosigner does not have ownership rights to the vehicle unless specifically stated in the loan agreement.
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
What legal rights does a cosigner have in a loan agreement?
A cosigner in a loan agreement has the responsibility to repay the loan if the primary borrower fails to do so. The cosigner is legally obligated to make payments and has the right to receive notifications about the loan status.
Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
What are the rights of an auto loan cosigner?
An auto loan cosigner has the responsibility to repay the loan if the primary borrower fails to do so. The cosigner's rights include receiving notice of missed payments, the ability to make payments to prevent default, and the right to take legal action against the borrower if necessary.
What legal rights does a cosigner have to a vehicle?
A cosigner of a vehicle loan is typically equally responsible for the debt if the primary borrower fails to make payments. However, the cosigner does not have ownership rights to the vehicle unless specifically stated in the loan agreement.
Does a cosigner have rights to a vehicle?
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
What legal rights does a cosigner have in a loan agreement?
A cosigner in a loan agreement has the responsibility to repay the loan if the primary borrower fails to do so. The cosigner is legally obligated to make payments and has the right to receive notifications about the loan status.
What is the insurance liability for the cosigner of an auto loan?
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
What are the rights of an auto loan cosigner?
An auto loan cosigner has the responsibility to repay the loan if the primary borrower fails to do so. The cosigner's rights include receiving notice of missed payments, the ability to make payments to prevent default, and the right to take legal action against the borrower if necessary.
Does a cosigner have the right to take possession of the car when the primary borrower has made all the payments and has not defaulted on the loan?
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
What are the rights of the cosigner to sell a car?
None, unless the cosigner is also on the title of the vehicle they have no legal rights to the property. When someone cosigns a loan for any reason they accept the responsibility of paying the debt if the primary borrower defaults. The only option a cosigner has in recovering money paid out in connection with the loan is to sue the primary borrower in the appropriate court, in the city or county where the borrower lives.
Does a cosigner have rights to the car even when its paid off?
No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.
What are the rights or obligations of a co-signer for a loan that has been included in a bankruptcy and who does not have the money to pay the large debt himself?
The obligation is that the loan is now the liability of the co-signer who did NOT file bankruptcy. Your rights are the same as any debtor. You can pay the loan, or default. Declaring bankruptcy yourself is an option also. For those reading along...this is why lenders want a co signer before lending to people they don't think can/will pay off their promises. They've seen it before. So when/if the primary can't/doesn't pay, someone else will. This lender, unlike others who will get nothing by the primary declaring bankruptcy, will more than likely get his debt paid by - or the assets of the cosigner to do so. Funny, the deadbeat will now get away without paying the promises to this lender, other lenders and wanna bet, never repay the cosigner, ever, too!
Can the cosigner demand that the car remain in the same state where he or she resides?
No, a cosigner does not have any legal rights to the vehicle, but does have the legal obligation to repay the debt if the primary borrower defaults on the contract. An exception could be if the cosigner is also named on the title to the vehicle, and if so, how the title is worded.
