A co-signor is a person who signs a loan or credit agreement alongside the primary borrower, agreeing to be equally responsible for repaying the debt. If the primary borrower fails to make payments, the co-signor is legally obligated to do so. Co-signors are often required when the primary borrower has a limited credit history or low credit score.
no
I am in college my mom defaulted on bankruptcy how can I get a loan to go to school?
Dropped as cosignor??? NO NO NO. You NEEDED a cosignor to get the loan rem? Unless your credit has improved greatly since then, you still need one. Dropping cosignors from loans is STRICTLY up to the LENDER who makes the loan.
As long as you are a cosignor you are responsible to pay if he doesn't. Sorry, but the answer is yes. As a co-signer, you are stuck.
Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.
It is tough to get a home loan with bad credit, however you may be able to get a home loan with a higher interest rate. It will also be easier if you can find a cosignor.
Banks are very strict right now on who they will give credit to. If you have pretty bad credit they will probably not give out a home loan unless you have a cosignor.
In most states, YES. The lender can garnishee the signor AND cosignor wages and/or attach other personal property.
You cannot claim a deduction for something you did not pay. If the primary signatory did not pay the interest, then this person does not get to deduct it. In order to claim a non-business/non-investment deduction for interest, the person claiming the deduction must (among other things) be the legal or equitable owner of the property. Usually, the cosignor is not the legal or equitable owner of the property, hence the cosignor cannot claim an interest deduction.
most likely you will, that's why you had to have a cosignor in the first place. depends on how much you have paid. whether youhave paid on time, and maybe whether you can pay a decent amount on the loan to reduce the balance now.
who can you go to to get help to pay it off?? ANYONE who will loan you money. If you dont want to let them garnishee your wages and get it $40.00 a week. LOL Good Luck
"To start, let me say that all student loans are beneficial as they are allowing someone to obtain an education. Wachovis Loans are beneficial as they provide support throughout the loan process. With a cosignor, applicants may also qualify for lower interest rates."