Hot Student Stories

What if you cosign for a loan and the purchaser dies?

Kaitlin Dean

in Student Loans

1 answer

1 answer

Ramon Kelly on April 22, 2019

Very simply - a co-signer of a loan is responsible for absolutely everything that the "other" signer, who may be called primary signer). No difference.

So whatever the responsibility, or recourse, (legal or financial) for any action or lack of action required under the loan (and frequently under law, as well as many times you are considered the owner of any property connected with the loan), which are subject to also.
If primary dies, the estate of the primary must handle all his debts (sell car, use assets to pay debts, etc) or you remain responsible.

Add you answer