Let's say I get sick or die. Does my co-borrower have to take all the responsibilities for my loan repayment?
2007-02-13 00:14:22 · 8 answers · asked by Boginya 1 in Business & Finance ➔ Credit
Yes; they are on the loan and equally responsible for making sure the debt is paid; that is why they were needed to sign in the first place.
Only way out would be if you have credit life insurance on the loan and it paid it out.
2007-02-13 00:17:38 · answer #1 · answered by wizjp 7 · 1⤊ 0⤋
If you are unable to pay for any reason, the lender has the option to go after the co-borrower up to the full amount. The agrieved co-borrowers recourse is to sue the non-performing borrower to get the money back.
2007-02-13 00:20:44 · answer #2 · answered by McDreamy 4 · 1⤊ 0⤋
Did you purchase credit life and health insurance? If so, then that insurance will pay off the debt for you. If not, then, yes, your co-borrower is responsible.
2007-02-13 00:36:04 · answer #3 · answered by Sabrina H 4 · 0⤊ 0⤋
That's a good question for your loan officer. You can purchase a protection plan that pays off the loan if you were to become disabled or worse.
2007-02-13 00:18:45 · answer #4 · answered by Jo 6 · 1⤊ 0⤋
They have a contract with two signatures; that alone means they can come after one or both of the borrowers.
2007-02-13 02:32:05 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋
your co-borrower is responsible for your loan as soon as you default on it for non payment of your loan
2007-02-13 00:28:19 · answer #6 · answered by harold g 3 · 0⤊ 0⤋
Yes.
They are jointly responsible for the loan repayment.
You dont pay, they have too, visa versa
2007-02-13 00:19:13 · answer #7 · answered by kriskros54 3 · 1⤊ 0⤋
certain, you are able to honestly signal in for the funds to go back out of their account. basically enable the organization understand what account you want it popping out of and they are going to experience free to take price.
2016-12-04 03:08:21 · answer #8 · answered by Anonymous · 0⤊ 0⤋