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Who is the person that agrees to take responsibility for repayment of a loan if the borrower defaults?
The co-signer.
Can you explain how having a cosigner works?
Having a cosigner means that someone with a good credit history agrees to be responsible for a loan if the primary borrower cannot pay. This can help the borrower qualify for a loan or get better terms, but it also puts the cosigner at risk if the borrower defaults.
What is a person who agrees to pay the loan if the applicant is unable to pay?
A person who agrees to pay the loan if the applicant is unable to pay is known as a co-signer. The co-signer takes on the legal obligation to repay the loan if the primary borrower defaults, thereby providing the lender with an additional level of security. Co-signers typically have a strong credit history and income, which can help the primary applicant secure better loan terms.
Can the buyer be the cosigner?
Yes, the buyer can be a cosigner on a loan or lease, but it typically depends on the lender's policies and the specific situation. A cosigner is someone who agrees to take on the financial responsibility of the loan if the primary borrower defaults. Having the buyer as a cosigner can strengthen the application if they have a better credit score or income, but it's important for both parties to understand the implications of shared financial liability.
What is a grantor on a loan?
A guarantor is the person who agrees to pay on a debt of someone else if the person who guaranteed to pay defaults on the loan. A guarantor is a type of co-signer for the loan.
Who is the person that agrees to take responsibility for repayment of a loan if the primary borrower defaults?
Cosigner
Who is the person that agrees to take responsibility for repayment of a loan if the borrower defaults?
The co-signer.
Can you explain how having a cosigner works?
Having a cosigner means that someone with a good credit history agrees to be responsible for a loan if the primary borrower cannot pay. This can help the borrower qualify for a loan or get better terms, but it also puts the cosigner at risk if the borrower defaults.
Can a co-borrower be removed with a loan modification?
If the lender agrees to it.
Why should husband and wife both sign a mortgage?
Who signs a mortgage is not determined by marital status. The persons who own the property as grantees in the deed must sign the mortgage. In the case where only one owns the property some lenders require the other party to sign. In that case, by signing, a non-owner agrees to be fully responsible for paying the mortgage if the primary borrower defaults although they do not own the property.Who signs a mortgage is not determined by marital status. The persons who own the property as grantees in the deed must sign the mortgage. In the case where only one owns the property some lenders require the other party to sign. In that case, by signing, a non-owner agrees to be fully responsible for paying the mortgage if the primary borrower defaults although they do not own the property.Who signs a mortgage is not determined by marital status. The persons who own the property as grantees in the deed must sign the mortgage. In the case where only one owns the property some lenders require the other party to sign. In that case, by signing, a non-owner agrees to be fully responsible for paying the mortgage if the primary borrower defaults although they do not own the property.Who signs a mortgage is not determined by marital status. The persons who own the property as grantees in the deed must sign the mortgage. In the case where only one owns the property some lenders require the other party to sign. In that case, by signing, a non-owner agrees to be fully responsible for paying the mortgage if the primary borrower defaults although they do not own the property.
What is a person who agrees to pay the loan if the applicant is unable to pay?
A person who agrees to pay the loan if the applicant is unable to pay is known as a co-signer. The co-signer takes on the legal obligation to repay the loan if the primary borrower defaults, thereby providing the lender with an additional level of security. Co-signers typically have a strong credit history and income, which can help the primary applicant secure better loan terms.
When the borrower agrees to a voluntary repossession but their mother contests the action is that a wrongful act of repossession?
No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.
Can you reinstate an auto loan after repossession in the state of Washington?
If the lender agrees, yes. The matter is entirely up to the lender because the borrower is in default.
Is a co borrower the same as a co purchaser?
No. They are not interchangeable.Two people who buy an item are co-purchasers and also co-owners.Two people who sign a note to borrow money to pay for the item are co-borrowers. A co-borrower is not necessarily a co-owner. A co-borrower could be someone who agrees to help the purchaser obtain financing to purchase the item.No. They are not interchangeable.Two people who buy an item are co-purchasers and also co-owners.Two people who sign a note to borrow money to pay for the item are co-borrowers. A co-borrower is not necessarily a co-owner. A co-borrower could be someone who agrees to help the purchaser obtain financing to purchase the item.No. They are not interchangeable.Two people who buy an item are co-purchasers and also co-owners.Two people who sign a note to borrow money to pay for the item are co-borrowers. A co-borrower is not necessarily a co-owner. A co-borrower could be someone who agrees to help the purchaser obtain financing to purchase the item.No. They are not interchangeable.Two people who buy an item are co-purchasers and also co-owners.Two people who sign a note to borrow money to pay for the item are co-borrowers. A co-borrower is not necessarily a co-owner. A co-borrower could be someone who agrees to help the purchaser obtain financing to purchase the item.
What is a consent judgment in a foreclosure?
A consent judgment in a foreclosure is whereby a borrower with a pending foreclosure agrees to get into a judgment for foreclosure. This will not require further legal representation.
What is a grantor on a loan?
A guarantor is the person who agrees to pay on a debt of someone else if the person who guaranteed to pay defaults on the loan. A guarantor is a type of co-signer for the loan.
Personal loan agreement?
A personal loan agreement is signed document signed by two parties; the borrower and the lender. The borrower agrees to pay the loan to the lender along with an agreed upon interest rate and the lender agrees to pay the borrower an agreed upon amount of money. Here is a very basic loan agreement, this does not include collateral. This is only for an unsecured personal loan agreement. Secured loan agreements carry more detail do to the sensitive nature and wording that is required in the event that the borrower defaults and the lender needs to settle in court. Any agreement signed by both parties should be notarized by a third party to bare as witness. PERSONAL LOAN AGREEMENT FORM BORROWER _Brian W Conger LENDER _Allen Grundvig DATE LOAN IS MADE _November 08, 2012 PLACE WHERE LOAN IS MADE _752 Main Ave N, Twin Falls, Id 83301 AMOUNT OF LOAN $ 900.00 AMOUNT OF INTEREST $200.00 LOAN REPAYMENT SCHEDULE Payment of $100.00 due on the 10th of the Month AGREEMENT: BORROWER AND LENDER BOTH AGREE TO THE TERMS AS DESCRIBED ABOVE. SIGNATURE OF BORROWER _________________________________ SIGNATURE OF LENDER ____________________________________ THIS AGREEMENT IS NOW IN FORCE!
