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Is there a way for the cosigner to be removed as cosigner if primary owner defaults?
Wiki User
∙ 13y ago
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
Wiki User
∙ 13y ago
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If primary owner and cosigner have both their names on the title and primary doesn't pay the payments can you repossess the vehicle The title says or on it.?
If there are two individuals listed on the title of a vehicle as primary and joint, they are both responsible for the payment of the loan. If the primary defaults on the payment, the joint owner is responsible for payment. If both parties default, the vehicle can be repossessed.
What are the disadvantages of cosigning on a mortgage?
If the primary borrower defaults the cosigner can get "stuck" with a huge debt and ruined credit. A cosigner has the same legal obligation to repay a loan as does the primary borrower. In addition, a cosigner does not have property owner rights, only the debt. The real question is why would anyone agree to pay a mortgage for land they do not own. A co-signer has an equal obligation to pay the mortgage.
What happens when a cosigner declares bankruptcy-not the primary owner?
Nothing unless they filed on your loan.
Who do you contact for a cosigner information to show up on their credit report?
You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.
How do you know if you are a cosigner or co owner?
A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.
Is a co-signer a co-owner?
No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.No. A cosigner is not a co-owner of the property simply by signing the loan contract. They must specifically insist that they be added to the title. Otherwise they have promised to pay for property they do not own if the primary borrower fails to pay.
What is the diffrece between the primary borrower and the co signer?
The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.The primary borrower and the co-signer are equally responsible for paying the loan. if the primary defaults, both their credit records will be ruined and the lender will go after the co-signer for payment. The difference is that the primary is generally the owner of the property and the co-signer is agreeing to pay a debt for property they do not own.
If the cosigner and the primary borrower are on the car loan but the payment book is in the primary's name who owns the car?
The owner of the car is the person listed on the Certificate of Title.The owner of the car is the person listed on the Certificate of Title.The owner of the car is the person listed on the Certificate of Title.The owner of the car is the person listed on the Certificate of Title.
Can the PRIMARY owner of a vehicle sue the COSIGNER for half of the remaining balance if the COSIGNER had the vehicle voluntarily repossed even if the PRIMARY had already been making payments on time?
You can sue anybody for almost anything today. Now, if you can win or not is the question. Talk to a lawyer or at the very least your state attorney general.
Why is your name on a car title as being the owner of the car if you only cosigned for it?
Your name is on the title of a car just even if you just co-signed for it because that is what co-signing means: you are the co-signer on the loan. The first person signs the loan, which means that he or she is the owner. If they had signed it by themselves, they would be sole owner. A co-signer is like a "co" anything; co-meaning together. Cohabitate, Cooperate...etc. Generally cosigners do not have a vested interest in the secured property and therefore they are not placed on the title. A cosigner makes a binding legal agreement that they are responsible for repayment of the loan if the primary borrower defaults. The cosigner does not have legal rights to the property including a vehicle. Unless the primary borrower requested the cosigner be placed on the title it is an error and should be corrected as soon as possible to prevent future problems with receiving a clear title once the loan is paid.
If car is paid in full does the primary owner need co-owner to sell car?
If the other owner is on the title then they are needed. If the other individual was just a cosigner on the loan then they are not needed to sell the vehichle. This information should be on the back of the vehichle's title.
You are the primary owner on a vehicle you owe 700 on the loan and the cosigner decided to take the vehicle even though they havent made any payments can they do that?
Two things to consider here: First, the cosigner is an equal owner of the vehicle regardless of whether or not any payment has been made by him. This is a matter of contract law. Second, and typically in cases where payments are not current, the cosigner/co-owner can take possession of the vehicle to protect his credit if his intention is to surrender the unit or to make payments current.
