You are only responsible for the loan you signed for. It will tie up the collateral for a longer period of time. Call the lender and find out how it affects you.
the borrower
its basiclly the same as a trouble maker or a person who gets in a lot of trouble
If he is an immigrant but is legal to work within the country and has a residence there then surely you owe him all obligations normally given to a normal worker.
When the person who a co-signer, co-signs for ,gets evicted, what are the rights of the co-signer? Does the co-signer have the right to correct this problem , before theres an eviction?
If the borrower gets too far behind, the home will be foreclosed on. There are a lot of variables and considerations for this type of situation. 1. There can be significant financial expenses to the borrower. 2. The Borrowers credit will be hit hard. 3. The borrower may never be able to get another government loan and may no longer qualify for other government programs. Encourage the borrower to sell the home before the foreclosure happens.
Down Payment: Payment, which is a loan in advance with no securities for the borrower or the buyer. Advance Payment: Payment which is connected with respective responsibilities. That means that the borrower or buyer gets some securities from the lender or vendor.
With regards to insurance, the acronym PMI stands for Private Mortgage Insurance. This is an insurace where the borrower of a mortgage pays a premium, but if the borrower defaults, the lender gets the money. This helps protect the lender in cases of larger mortgage values.
Yes, the co-signer also gets a copy of 1099-c. The actual borrower also gets a copy as well. If the debt borrower who is the actual beneficiary of the forgiven amount fails to account for the 1099-c the burden falls on co-signer. One of the two parties is supposed to take this into their accounting. Hope this helps.
If "you" are the lienholder then yes. If you're not the lienholder or their authorized agent (e.g. a repo man working for them), then no.
No. The father of the pregnant daughter has no legal obligation to support her child. That responsibility belongs to the biological father of the unborn child assuming that the pregnancy is not terminated nor the child placed for adoption or parental rights terminated by the court.
Anyone of legal voting age - who is (a) registered to vote, and (b) not in legal custody.
A person who has taken out a loan gets the benefits of financial assistance while building credit. This person is called a borrower.