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If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
What are the options available for managing student loan debt as a changed student loan borrower?
Options for managing student loan debt as a changed student loan borrower include income-driven repayment plans, loan consolidation, loan forgiveness programs, and refinancing with a private lender.
Is it legal to transfer your mortgage to your family member?
It depends, and if ever it is possible the family member that you would transfer your mortgage to, would be liable for the repayment of the debt of your mortgage.
How do lenders evaluate the likelihood that a borrower or cosigner will repay the loan?
Lenders evaluate the likelihood of repayment by looking at the borrower's credit history, income, employment stability, and debt-to-income ratio. They also consider the cosigner's financial situation and creditworthiness.
How do lenders evaluate the likelihood that a borrower or cosigner will pay them back?
Lenders evaluate the likelihood of repayment by looking at the borrower's credit history, income, debt-to-income ratio, and overall financial stability. They also consider the cosigner's financial situation and creditworthiness if applicable.
