No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
The ESTATE is responsible.
The mortgage would have to be refinanced without the participation of the adult child as cosigner. Debts incurred before marriage do not become the responsibility of a new spouse.
Plenty of homes are sold to individuals without a cosigner. Usually there are only 2 reasons a bank will ask for a co signer. One being, if their prospective client does not have sufficiant funds available to make the estimated mortgage payments and other monthly debt payments and stay under 50% debt to income ratio, two being credit issues.
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
Yes, a co-borrower is as responsible for a debt as is the primary borrower. The main difference between co-buyers and cosigners is that a cosigner generally does not have any claims to the property in question but bears the responsibility of repaying the debt should the primary borrowers default on the agreement.
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
Yes.
The creditor wil try to get the debt from the cosigner as well.
Unfortunately yes. Communal debt and communal assets.
The ESTATE is responsible.
The mortgage would have to be refinanced without the participation of the adult child as cosigner. Debts incurred before marriage do not become the responsibility of a new spouse.
No. The cosigner will still be equally responsible for the debt
Plenty of homes are sold to individuals without a cosigner. Usually there are only 2 reasons a bank will ask for a co signer. One being, if their prospective client does not have sufficiant funds available to make the estimated mortgage payments and other monthly debt payments and stay under 50% debt to income ratio, two being credit issues.