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The co-signer will be released from the loan when it is paid off. If the loan is refinanced under the primary borrower's name and credit, then that is also when the co-signer will be free. If the lender does not remove the co-signer, or keeps reporting the payment history on their credit report, then contacting them with the proper paperwork regarding payment should make it happen.
What else can I help you with?
Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
If you would die and you were a cosignor on a loan does that loan have to be paid off with the estate or does it still fall on the first person named on the loan?
It depends on how the veting was formed, if it was a Joint Tenancy with rights of Survivorship, the rights to keep the house is automatically transfered to the surviving Joint Tenant as long as that person can afford to continue to pay the mortgage payments. There are several types of vesting and you cen discuss this will your title company when you close the deal. If you want to transfer your rights to your heirs, their is also one that covers that. Glena
Is a cosigner responsible to pay credit card debt?
As long as you are a cosignor you are responsible to pay if he doesn't. Sorry, but the answer is yes. As a co-signer, you are stuck.
How can someone be released from cosigning a mortgage loan without ruining their credit?
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
What is the ratio of loan balance to loan amount for this particular loan?
The ratio of loan balance to loan amount for this specific loan is 0.75.
How do you get a loan without a cosignor?
I am in college my mom defaulted on bankruptcy how can I get a loan to go to school?
Can a cosignor take the interest paid on a student loan as a tax deduction?
no
Can you sue the borrower if they defaulted on loan if im the cosignor?
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
Can I get a home loan if I have bad credit?
It is tough to get a home loan with bad credit, however you may be able to get a home loan with a higher interest rate. It will also be easier if you can find a cosignor.
If the cosigner dies can she simply be dropped as cosigner without refinancing or is the property part of her estate and must go into secession?
Dropped as cosignor??? NO NO NO. You NEEDED a cosignor to get the loan rem? Unless your credit has improved greatly since then, you still need one. Dropping cosignors from loans is STRICTLY up to the LENDER who makes the loan.
Does any bank give out a home loan even if you have bad credit?
Banks are very strict right now on who they will give credit to. If you have pretty bad credit they will probably not give out a home loan unless you have a cosignor.
Will you lose the car if the cosigner declares bankruptcy?
most likely you will, that's why you had to have a cosignor in the first place. depends on how much you have paid. whether youhave paid on time, and maybe whether you can pay a decent amount on the loan to reduce the balance now.
If you are the cosignor and the car was repoed and they want to garnish your wages who can you go to to get help to pay it off?
who can you go to to get help to pay it off?? ANYONE who will loan you money. If you dont want to let them garnishee your wages and get it $40.00 a week. LOL Good Luck
Does one need good credit to take out a personal loan?
Yes, with today's economy banks are very stringent with loans. You must have good credit to take out a personal loan, or you must get a cosignor for your loan. Not in all cases. CitiFinancial offers unsecured loans (at a higher interest rate) to people with imperfect credit. If borrowing from a friend or family member, try VirginMoneyUS.com where no credit history is required.
Are wachovia student loans beneficial?
"To start, let me say that all student loans are beneficial as they are allowing someone to obtain an education. Wachovis Loans are beneficial as they provide support throughout the loan process. With a cosignor, applicants may also qualify for lower interest rates."
If you would die and you were a cosignor on a loan does that loan have to be paid off with the estate or does it still fall on the first person named on the loan?
It depends on how the veting was formed, if it was a Joint Tenancy with rights of Survivorship, the rights to keep the house is automatically transfered to the surviving Joint Tenant as long as that person can afford to continue to pay the mortgage payments. There are several types of vesting and you cen discuss this will your title company when you close the deal. If you want to transfer your rights to your heirs, their is also one that covers that. Glena
If a Cosigner pays all of the the Home Equity Loan monthly payments does the Primary Signatory then get to claim the tax deduction on the interest paid or does the Cosignatory get such tax deduction?
You cannot claim a deduction for something you did not pay. If the primary signatory did not pay the interest, then this person does not get to deduct it. In order to claim a non-business/non-investment deduction for interest, the person claiming the deduction must (among other things) be the legal or equitable owner of the property. Usually, the cosignor is not the legal or equitable owner of the property, hence the cosignor cannot claim an interest deduction.
