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#2212571 - 05/01/19 04:40 PM Cosigners-Past Due Notices
Kristi Offline
Member
Kristi
Joined: Feb 2005
Posts: 85
Is it a requirement for the bank to provide cosigners with past due notices and notification if the loan (unsecured) is being charged off? I know it is best practice so hopefully the cosigner will pay but is there a requirement? If there is if someone could lead me on where to find it I would greatly appreciate it.

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#2212582 - 05/01/19 05:54 PM Re: Cosigners-Past Due Notices Kristi
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,261
Galveston, TX
You would have to start with State law.
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#2212592 - 05/01/19 06:32 PM Re: Cosigners-Past Due Notices Kristi
Rocky P Offline
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Joined: Jun 2003
Posts: 7,238
Florida
Anon, Randy's word is the first step. Then, imagine the complaint to a regulator if a loan was delinquent and/or charged-off and the co-signor was unaware, but their credit affected? Instead of charging-off, why wouldn't the bank try to collect/take action against the co-signor(s)?
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