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As the co-signer of a loan you have more obligations than rights. You have signed a contract with the lender promising that you will pay the loan. If the person you co-signed for doesn't share your address (so you can monitor the account) you should ask the lender to notify you immediately in the case of a default. You should make the payment that has been missed and then seek reimbursement. Any default on the loan will affect your own credit record and if the other co-signer doesn't pay you will be held responsible for full payment of the balance due.
What else can I help you with?
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.
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
Can you take a vehicle back if you are the cosigner?
ONLY if you are listed on the TITLE as co-owner. Othwise you have NO rights to possession, ONLY payment of the loan.
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.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
What is the difference in a cosigner and a guarantor?
A cosigner signs the debt agreement and the lender can demand payment from both the debtor and the cosigner. A guarantor does not sign and the lender needs to go through the debtor before demanding payment from a guarantor.
What are the rights of a cosigner on an auto loan?
A cosigner on an auto loan is equally responsible for the loan and has the right to access information about the loan, such as payment status and account details. They also have the right to receive notifications about any changes to the loan agreement.
Does a cosigner have to have a job?
No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.
Why do it have to affect the co-signer when its your debt?
Because the cosigner guaranteed the to pay the loan if you do not. You fail to make a payment and the lender will be looking at the cosigner for the payment. You not only have an obligation to the lender who lent you the money but to the cosigner who also signed his name to the loan agreement.
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 a cosigner on a car loan?
A cosigner on a car loan is equally responsible for the loan and has the right to access information about the loan, such as payment status and account details. They also have the right to take legal action if the primary borrower fails to make payments on the loan.
