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Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?
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.
How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
Is the spouse of a deceased cosigner responsible for the debt?
The ESTATE is responsible.
How does being a cosigner affect your debt-to-income ratio?
Being a cosigner can increase your debt-to-income ratio because the debt you cosign for is considered your responsibility, even if you are not the primary borrower. This can impact your ability to qualify for loans or credit in the future.
If an adult child is a cosigner on the mortgage to her parents' home can she be relieved of the debt responsibility when she marries?
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.
