Can a Cosigner Sue Defaulting Primary Borrower if He Removes Primary from the Loan

[jk]

Nothing you said or quoted rebuts what I said.

LINK

Oh, you mean the quote from the FTC that defined co-signer as a guarantor? It went on to say:

If the borrower does not pay the debt, you will have to.

a co-borrower is equally liable for the loan regardless of whether the other borrower pays or not. It also says borrower, not co-borrower, other borrower, or anything else that would suggest an equal status as debtor.

.The creditor can collect this debt from you without first trying to collect from the borrower

again, not from the other borrower, co-borrower or anything else that suggests an equal status as debtor but IF the borrower does not pay, you will have to.

especially this part:

If this debt is ever in default, that fact may become a part of your credit record.

regardless of whether it was in default or not, it will become part of the borrowers credit record. This statement is that IF it is defaulted.

from another site speaking of a cosigner:

In addition, most people don't realize that the loan can affect their own ability to get financing. Since a co-signer is legally obligated to pay the debt if the borrower defaults, it counts the same as their own loans on a credit report and is factored into their debt-to-earnings ratio.

if the borrower, not co anything.

from another site:

If the primary borrower gets behind in payments, the lending institution can hold you and the borrower each equally responsible for repaying the entire debt. If it goes to a collection agency, the agency will try to collect from you

why would the cosigner, as you define it, not be equally liable from day one?

if the primary gets behind. That is only relevant if the cosigner is not liable unless the primary gets behind. Otherwise, both co-borrowers are always liable for the total loan, not just when/if the primary gets behind.

from studentaid.gov:

Co-signer

A person, other than the borrower, who signs the promissory note as a back up for repayment on the loan. A co-signer is pursued for collection on the loan if the borrower fails to fulfill his repayment obligations.

note: OTHER THAN THE BORROWER. IF the borrower defaults. Not the other borrower and not even the primary borrower. Merely "THE" borrower.


tag, you're it.

- - - Updated - - -

Nothing you said or quoted rebuts what I said.

LINK

Oh, you mean the quote from the FTC that defined co-signer as a guarantor? It went on to say:

If the borrower does not pay the debt, you will have to.

a co-borrower is equally liable for the loan regardless of whether the other borrower pays or not. Note, the did not say other borrower, co-borrower, or anything else that would suggest an equal status as debtor.

.The creditor can collect this debt from you without first trying to collect from the borrower

again, not from the other borrower, co-borrower or anything else that suggests an equal status as debtor but IF the borrower does not pay, you will have to.

especially this part:

If this debt is ever in default, that fact may become a part of your credit record.

regardless of whether it was in default or not, it will become part of the borrowers credit record. This statement is that IF it is defaulted.

from another site speaking of a cosigner:

In addition, most people don't realize that the loan can affect their own ability to get financing. Since a co-signer is legally obligated to pay the debt if the borrower defaults, it counts the same as their own loans on a credit report and is factored into their debt-to-earnings ratio.

from another site:

If the primary borrower gets behind in payments, the lending institution can hold you and the borrower each equally responsible for repaying the entire debt. If it goes to a collection agency, the agency will try to collect from you

if the primary gets behind. That is only relevant if the cosigner is not liable unless the primary gets behind. Otherwise, both co-borrowers are always liable for the total loan, not just when/if the primary gets behind.

from studentaid.gov:

Co-signer

A person, other than the borrower, who signs the promissory note as a back up for repayment on the loan. A co-signer is pursued for collection on the loan if the borrower fails to fulfill his repayment obligations.

note: OTHER THAN THE BORROWER. IF the borrower defaults. Not the other borrower and not even the primary borrower. Merely "THE" borrower.


tag, you're it