Sentences with phrase «debts if the borrower defaults on their loan»

This means the credit provider can sell your house to pay the debt if the borrower defaults on their loan.

Not exact matches

Cosigner A cosigner on a loan is a coborrower and is obligated to repay the debt if the primary borrower defaults on the debt.

However, on the flip side, if large groups of borrowers weren't defaulting on their student loans, then there wouldn't be the need for any sort of debt collection method, good or bad.

Borrowers can obtain money, even if they have defaulted on past loans or have outstanding debt.

If a borrower is in danger of defaulting on their debt, a restructured auto loan agreement can be helpful for getting their finances back on track.

Extended on credit, unsecured debt presents a higher risk to a lender since - in the United States - there are no debtor's prisons and if a borrower defaults on a loan, there is little that a lender can do about it except seek costly legal action and report to the credit reporting agencies.

If they become delinquent or go into default, it's up to you to fulfill the debt and take over their payments, effectively making you, the cosigner, the primary borrower on a loan that wasn't even yours to begin with.