When deciding which revenue to use for a CRA small business loan for an individual who files a schedule E-partnerships with passive and non passive income, and also receives K-1s for that company, how do I decide which revenue to use? Do I use line 30 or 31 as appropriate, and add the K-1 distribution back, or do I just use the K-1 distribution amount?
We have a HELOC with a borrower/grantor and a co-signer. The co-signer is not on the deed. What documents should he sign?
Can a mortgage have one cosigner removed from responsibility for the debt, as in a divorce case assumption by the other signer, without refinancing the entire mortgage? I'm worried about having a possible time bomb in my luggage.
When a customer signs a guaranty form, does he or she need to sign a co-signer notice?
If a loan is denied because one of the cosigner has bad credit, is it considered a counteroffer to have the applicant with good credit reapply? Is it a good idea to hand a customer a notice of adverse action in the branch or should they be mailed?
Is a cosigner notice required in addition to a Personal Guaranty? What is the specific difference between a cosigner and guarantor, if any?
When an applicant does not qualify and the lender advises they need a co-signer or guarantor, does the co-signer/guarantor need to sign the intent to apply for joint credit? Where can I find this in the Regs because in my search I can not find anything. Also, can someone provide a good definition for co-signer and guarantor?
What happens to a loan if the cosigner passes away? Does the loan go into default or need to be re-applied for?
When doing a consumer loan and we are requesting a cosigner because the applicant does not qualify on their own, should we have them sign as a cosigner or as a guarantor? Why?
I have a very irate customer, upset that he has a bad credit report because he was a co-signer and/or co-maker on five separate loans. While he did not come in and keep the loans current when getting his past due notices, he did eventually pay all of these loans off, some after they had to be charged off. Can I clear up his credit report for him?