This should be considered two different issues. The co-owner will still be obligated for the loan and maybe the entire loan. Depending on who is the primary on the loan, if its the one going bankrupt the loan falls to the co-owner. Please try to find another way instead of bankruptcy, it will ruin your credit forever and I, along with other people will have to pay your debt. There are debt consolidation places that can help and believe it or not the people you owe money to actually have whats called curing programs that can reduce the payment amount for a certain time so you can try to catch up.If you are willing to pay something and work with them and not hide from them, they will work with you.
If a bank goes bankrupt, your loan may be transferred to another financial institution or a government agency. You will still be responsible for repaying the loan, but the terms and conditions may change.
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
The company still has to pay it off, it might even just rest on the owner's, or the person who took it out, hands.
what haapend if a loan is sold with recourse and it goes into defualt
If a bank goes bankrupt, your loan may be transferred to another financial institution or a government agency. You will still be responsible for repaying the loan, but the terms and conditions may change.
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.
You signed to guarantee the loan. That means that you guaranteed to pay the loan if something went wrong. Something went wrong so you get to pay the loan.
The company still has to pay it off, it might even just rest on the owner's, or the person who took it out, hands.
The co-signor becomes responsible for the balance due on the loan.
what haapend if a loan is sold with recourse and it goes into defualt
if they cant pay for it they will lose the home
Yes. That is the purpose for requiring a co-signor on a loan. If the original borrower can not pay or goes bankrupt the finance company then collects from the co-signor.
These are not allowed to be discharged.
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
That's generally what happens when you make a bad investment. Stock is equity...ownership....not debt or a loan to the Company.