Be very cautious about co-signing for a loan. If the primary borrower defaults, you are responsible for the loan payment. It also may affect your ability to get a loan if your debt to income ratio is already high.
When someone defaults on a loan, it is when you borrow money from a bank and you say that you are going to pay it back, but you do not, therefore stealing their money. This can wreck your credit score and get you in deep trouble.
if the consigner files bankruptcy can the borrower take the car
The loan has to be "secured" by someone with good credit. Call the lender for their loan qualifications.
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
you have to pay the amount. You co signed so it ruins your credit. take her to judge judy to get your money!
Unfortunately if you cosigned a loan that means you were willing to pay the loan if the other signer defaults and if that happen they will go by any means to collect that money that you "cosigned/said" you would cover if the other person defaults. I would go after that person that you cosigned for if it has gone this far.
Be very cautious about co-signing for a loan. If the primary borrower defaults, you are responsible for the loan payment. It also may affect your ability to get a loan if your debt to income ratio is already high.
No, you would have to redo the loan.
If you are a cosigner on a loan, you are responsible for the debt of the loan if the primary signed defaults on the loan. So, yes you can be called to pay on the loan by the creditors.
Yes - unfortunately when you cosign a loan - you cosigned a loan and if the owner defaults you are still responsible no matter how old you are. You could check with the lenders but wait until they contact you.
The Cosigned assumes full responsibility of the loan.
When someone defaults on a loan, it is when you borrow money from a bank and you say that you are going to pay it back, but you do not, therefore stealing their money. This can wreck your credit score and get you in deep trouble.
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.
if the consigner files bankruptcy can the borrower take the car
Is this even English? Anyway, if you're asking what happens when someone defaults on a loan, then it is the responsibility of the cosigner to "pick up the check."
The loan has to be "secured" by someone with good credit. Call the lender for their loan qualifications.