The lender must take both the primary and the co-signer to court and obtain a judgment lien. The judgment lien can then be used to seize any property that could be sold to pay the debt.
Yes. Completely.
Yes!
No, a cosigner cannot remove the primary borrower from a loan agreement. The primary borrower is responsible for the loan, and the cosigner is only responsible if the primary borrower fails to pay.
They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.They have only one responsibility: To pay the mortgage if the primary borrower fails to pay.See related question link.
Their going to come after you to pay the debt. YOU CO-SIGNED! That means in the event that the primary borrower can not or does not pay the loan you are responsible to pay that loan. There is no way around that.
You either pay or dont pay or file B/K also. If a co-borrower has debt discharged through bankruptcy, the other signatory is 100% liable for the balance of the loan.
Interest is a predetermined amount that a borrower must pay for the use of borrowed money. Interest is calculated as a percentage of the amount borrowed.
You have issues. Why not buy another furniture instead.
The only way to distance you from your co-borrower is to make all the payments on time or pay off the loan.
You guaranteed to pay the loan if the primary borrower does not. That is what a cosigner does. The lender is going to be looking at you for their money.
There is no "protection" for a co-signer except paying the loan if the primary borrower doesn't pay. If you don't pay the loan then your credit will be ruined. If you pay off the loan you can try to sue the primary borrower in civil court but the chance of reimbursement isn't generally good if they needed a co-signer in the first place.Understand that when you co-sign for a loan you are guaranteeing that you will pay if the primary borrower doesn't.
Nope, no way, abolutely not.