Unfortunately, many people do not realize that once they co-sign for another person it's taking on the responsibility of that person's loan. If the person who borrowed this money ceases to pay then it's up to you. You can see a lawyer about it and perhaps scare this person into coughing up with the money or at least payments, but the debt is yours alone.
No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.
The lender can go after the co-signer. If you are the co-signer you should consult with an attorney who can review the situation and explain your position.
Anyone is allowed to sue anyone in this day and age, however, the point of having a co-signer is because the primary borrower may not have a credit profile strong enough to get a loan on their own. When suing someone, the goal is to get paid - if the primary borrower did not have enough money or enough credit strength to get a loan, what, exactly, will the co-signer sue them to get? So yes, a co-signer may sue the primary borrower, however, unless circumstances have changed massively since the shared loan was signed, there will be nothing for the co-signer to go after. Depending on the amount of the loan you can sue in small claims court or a higher civil court.
The credit of the primary borrower(s) and the cosigner(s) are equally affected (positively or negatively) and both are subject to the credit history check and evaluation.
My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.
Yes, the primary borrower and the cosigner are both equally and legally responsible for repaying the debt in question. A creditor/collector will take legal action against the party which they believe they are most likely to be successful in collecting monies owed. For example, if the cosigner is currently employed and the primary borrower is not, the creditor might "go after" the cosigner in the hopes of obtaining a judgment that can be executed as a wage garnishment.
The bank can go after the granddaughter for repayment. * Monies belonging to any persons other than the primary borrower would not be subject to creditor attachment. If the primary borrower received monies from the estate, that would be viewed as an asset if the creditor decided to file suit to recover the debt owed.
If you go to the registration office with the primary and have them give consent to the cosigner
You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.
Yes. A co-signer is fully responsible for the debt. If the primary borrower doesn't make the payments it will be reflected on the credit record of both borrowers. If the primary defaults, the bank will go after the co-borrower for payment. That is the purpose of having a co-signer. The co-signer guarantees the debt will be repaid.
Once a co-signer signs a loan agreement, they are guaranteeing payment of that expense. If the primary borrower either hits upon hard times or simply chooses not to pay, the company will go after a cosigner for the money they agreed to pay, if the main signer did not pay.
Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt.