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A co-signer is a person that will make a promise to pay off another persons debt if they default on it. Many banks, realtors and landlords will require a co-signer if a person has bad credit or has no credit.
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∙ 9y ago
A co-signor is a person who signs a loan or credit agreement alongside the primary borrower, agreeing to be equally responsible for repaying the debt. If the primary borrower fails to make payments, the co-signor is legally obligated to do so. Co-signors are often required when the primary borrower has a limited credit history or low credit score.
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Can a cosignor take the interest paid on a student loan as a tax deduction?
no
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?
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.
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.
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.
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.
If your repossessed car is worth about 6000 and you owe approximately 25000 can your pay check be garnished for the balance after the car is sold?
In most states, YES. The lender can garnishee the signor AND cosignor wages and/or attach other personal property.
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.
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
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."
