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โˆ™ 2010-11-05 18:34:33
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Q: Can cosigner pay off debt without borrowers consent?
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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.


If you are a co-borrower not a cosigner are you responsible for repayment of the loan?

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.


What are the benefits of a cosigner?

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.


What are the benefits of cosigning?

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.


Can a cosigner put the debt that they cosigned for under bankruptcy to release them from the debt if the debt is not in default?

Yes.


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.


What happens to your cosigner if the borrower defaults on private loans?

The creditor wil try to get the debt from the cosigner as well.


Does a cosigner have rights to sue in small claims court if they pay a debt in full before the primary borrower pays it?

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.


Is the spouse of a deceased cosigner responsible for the debt?

The ESTATE is responsible.


In Canada is a wife liable for her deceased husband's debt if it was incurred without her knowledge or consent?

Unfortunately yes. Communal debt and communal assets.


If a primary borrower defaults on a loan and the cosigner sues them will that prevent the lender from being able to take action against the cosigner?

No. The cosigner will still be equally responsible for the debt


Is a cosigner on a car liable if the primary borrower is at fault in an accident?

No. A cosigner's only obligation is the debt incurred by signing the lending agreement.

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