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Penny's from Heaven | Is a cosigner on a loan still still responsible for payments if main account holder marries? |
My boyfriend co-signed on a loan a while back for a girlfriend that he had at the time. They have since split up and she has married. She is the main account holder and promised to re-finance the loan when they split, but has not followed through. Since then she has stopped paying on the loan, but continues to own and drive the vehicle while he makes the payments to keep the loan company from coming after him. She has recently (within the last 6 months) remarried. Would he, under Ohio law, still be responsible for the payments if both the new husband and main account holder work and can truly afford to pay, but refuse to? Also, can the loan company garnish the co-signer's wages to retrieve the debt if the main account holder and her husband have income? If I were to marry the co-signer, would the debt transfer to me as well (tax returns seized and such) if not paid? Is there any way for him to get out of this contract short or him keeling over? |
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Munya Says: GFOD
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Yes. Yes, and yes.
But not the transfer to you if you marry him--the debt was incurred before your marriage so it's his alone. But we all know that doesnt mean anything if you were to go get credit, because they would run it "joint" and his crap would show up.
He's on the hook for the loan. By the very definition of the word "CO-SIGNER"....
Poor guy! At least he made a GOOD decision when you and he started dating, huh!??
He can "repo" the car you know. Just because she "owns and drives it" doesnt mean that it is...her's. She defaulted on the loan, he is now paying the loan, that means it is time for COVERT ACTION! Or a lawsuit in small claims.
Personally, I prefer the covert action. I do enjoy a good repo-ing now and then. |
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joemelle k
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Yes ...the cosigner can only be taken off it the loan is done over....
Or until the loan is paid off.....wow i would hate to be him |
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Lyndsey
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That's a sticky situation, but everything I know about that is if you sign...you pay...I speak from personal experience...I made the mistake of cosigning for my ex. |
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OCD
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He's screwed. |
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~KmaG
 |
I do believe that he would be still responsible b/c the legal agreement at the time of the loan. If the woman goes default even though she is married the impact would be on him because he signed saying that he understood and would possibly take the financial hit. But if he gets her to refinance then the status can be updated and he can be released from the original binding contract. |
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acermill
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Your boyfriend will learn a very difficult lesson. When a person co-signs a loan for another, they effectively guarantee to make the payments if the person for whom they co-signed fails to do so. Her remarriage is irrelevant in this situation. Your BF is the guarantor of the loan, and the lender will come after him if he ceases making payments. I wish both of you the best of luck in this one, but the outlook is not good for your BF. |
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peachiepie
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Fact is he entered this contract BEFORE she married and I'm no lawyer (which I suggest you get) but it sounds like he's libel to me! |
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bdancer222
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Yes, your boyfriend is responsible. He needs to see a lawyer and find out what to do about getting possession of the vehicle. He can't just go take it since her name is on the title too. But he can take her to court to get a court order to sign the vehicle over to him.
Another lesson in why you should NEVER co-sign for anybody. |
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helper999
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The cosigner is always responsible if the original signer doesn't pay, but the cosigner should have the legal right to take the property that is in question. He should be able to legally take the car if there is proof that she is not paying for it and he is. |
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chatsplas
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He should sue her in small claims court to force her to refinance the vehicle. He could try contacting the loan company and talk to them about his options. As long as his name is on the vehicle and loan he is liable, and the company can chase after him or her, their choice. So he needs to get off the loan and title. He needs records of the payments he has made and should sue her for them, also. He must act, doing nothing sucks him in deeper.
The subsequent marriage of either party doesn't negate the debt nor make the new marriage partner necessarily liable. However, when filing taxes there is a provision called innocent spouse and injured spouse, which allows you to file a joint return with your spouse (99% of the time best way to file) without getting hit for their liabilities prior to your marriage--school loans, etc. |
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etkatluv
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I am not a lawyer, don't claim to know the actual letter of the law, but by cosigning a loan what you agree to do is to take on the debt should the other fail to pay. That is why they need a cosigner...their credit alone is not good enough and the company loaning the money wants a guarantee they will get their money. If there are only two names on the loan, those are the two they will go for. As for after that, I am not sure...I would think that would depend on the state laws and you would have to consult an attorney in your state. I have heard of cases where the ex-spouse has been held liable, but a future spouse? Just don't know. As for garnishment, if they can prove that they have a legal right to the money, and a judge signs off on it, then yes, they can garnish wages. But, again, that can vary from state to state, I think. |
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discomic
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I do not know if anything would be different from state to state, but I know from personal experience that you are responsible as a co-signer and will have your credit history ruined for it. My mother past away, and her lawyer told me not to pay any of her bills. Well the bills became delinquent, and when I called the banks to inform them what was going on the people at BofA took my mom's name off of the account and left my name on it alone. I had no idea that I was even on the account. My mother had used my social security number without my approval to get a credit card. So they will go after him, inevitably.
I would contact the agency through which the loan was obtained and ask them for advice on how to straighten this up. |
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debbie f
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Yes I am pretty sure he is still responsible under the law. It was him they did the credit report on and it is him who co-signed. First they will repo the vehicle and if they signed wage garnishment forms then yes they can take a percentage of his check. That is why you should never co-sign for anyone but maybe family and then I would have to have a very good reason to do it. That is the problem with co-signing the cosigner always gets stuck paying and the other thing is if he does not his credit rating will go down the toilet as well. Other thing is since he is making the payments then nothing negative is going in her report either. |
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tonyend2001
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Yes he is responsible, but I think that if he pays it, then he can repossess the car. You may want to verify that last part with an attorney. If that's the case, then I'd take possession of the car or at least take her to small claims court and sue.
You are not responsible for the debt. |
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SunShyne
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He need to talk to the company and ask what he needs to do. Or go up to her a kick her ***. |
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kate K
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He should contact the financial institution the loan is through and check his options. He is and will be responsible for the loan until it is changed out of his name, no matter who she marries or their income. The lender will go for payment from the borrower first, if they don't pay, they will go to the cosigner. They won't bother investigating the income of the borrower. They will go after whoever they think will be most likely to pay.
The lender doens't care who is paying. They can garnish wages or sue the cosigner if the account becomes delinquent.
The only good news is Ohio isn't a community-property state, meaning, if you married him, you won't be responsible for the debt. However, if you both applied for loans together, it could hurt your credit scores and force higher interest rates.
I would contact the lender, tell them the situation, then contact the ex. She needs to be responsible and get him off the loan. |
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rhythm
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Learn the lesson and learn it well. Your bf needs to talk to his ex gf if some amicable settlement is possible between them. Otherwise, he needs to seek legal mind so he can institute recourse from the ex gf. |
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Shortstuff13
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It'd be best to call the lending institution & ask those questions. |
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Frank Castle
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Yes. |
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