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Yes, but that person is guaranteeing to pay the mortgage if the primary borrower defaults. That means they will have to pay for property they don't own. No one should co-sign any loan that they cannot afford to pay.
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∙ 7y ago
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If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
If you refinance the house after a year can you take the cosigner off the mortgage loan?
Yes.
Can a husband let the wife take over the loan of a house without her having rights to own the house?
If the loan by the Bank than it will be on your name. Do not pay loan if someone else as name to the loan.
Can you switch the cosigner to the primary?
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
How can someone be released from cosigning a mortgage loan without ruining their credit?
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
If someone cosigned an auto loan can someone else take over as the cosigner a few months later?
From my experience, you would have to re-finance the suto loan with the new co-signer.
If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
How can you be a cosigner if the title is in the name of the person you cosigned for?
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.
What does it mean to have a guarantor on an auto loan?
A cosigner- someone who agreesto pay the loan if you default
If you own your car and it's in your name but the loan is in someone else's name with you as the cosigner will that still help your credit?
Yes, it will still help your credit.
If cosigner has a car loan already may she cosign for someone and be approved for that person and the cosigner has good credit?
Yes.
If you refinance the house after a year can you take the cosigner off the mortgage loan?
Yes.
Can a husband let the wife take over the loan of a house without her having rights to own the house?
If the loan by the Bank than it will be on your name. Do not pay loan if someone else as name to the loan.
How can the cosigner be soley responsible for a repossesion of a car?
According to the law, a cosigner signs for someone else that they think might not pay off the load. The cosigner signs a contract agreeing to pay the loan off if the other person does not. He can be solely responsible becase he signs a contract promising to do so.
If a borrower signed a loan for a cosigner is there a way the loan can be changed into the cosigner's name without refinancing?
No.
Can you switch the cosigner to the primary?
Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.
How can a cosigner be removed from the loan?
The only option is for the loan to be refinanced without the particpation of the present cosigner.
