Yes, if you defaulted on the loan.
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
A minor cannot enter into a legal contract. Any loan they are a party to is invalid.
I'm almost afraid to ask....for what?You really aren't thinking you can sue the co-signer for your failure to pay your debt are you?You understand, the cosigner isn't there to protect the primary...he is required by and there to protect the lender!
In some cases a cosigner may not be needed for a student loan. Check with your college's financial aid office.
When agreeing to be a cosigner on a loan, the cosigner takes on the responsibility of repaying the loan if the primary borrower fails to do so. This means the cosigner is legally obligated to make payments on the loan if the borrower cannot.
Yes, the cosigner can sue the primary borrower if they can prove the money paid on the exisitng loan was a loan to the borrower and the person had knowledge of and agreed to the action.
No, you do not have to pay for a cosigner when applying for a loan. A cosigner is someone who agrees to be responsible for the loan if you are unable to make payments, but they do not typically have to pay any fees to be a cosigner.
Yes, a minor can obtain a loan with a cosigner, as the cosigner takes on the responsibility of repaying the loan if the minor fails to do so.
You should talk to your college's Financial Aid office, who will be able to direct you to potential loan sources which may not need a cosigner. Most students are not going to be able to get a loan without a cosigner unless it's something like a guaranteed student loan, in which the government is effectively your cosigner. You will need to qualify for a GSL, though, and your financial aid office will help you with that.
Yes, you can have a cosigner for a home equity loan. A cosigner is someone who agrees to be responsible for the loan if the primary borrower fails to make payments. Having a cosigner can help you qualify for a loan or get a lower interest rate.
Yes, it is possible to have a cosigner on a home equity loan. The cosigner agrees to be responsible for the loan if the primary borrower fails to make payments.