What does it mean to be a co Maker on a note?
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Similarly, what does Are you a co maker or endorser on a note mean?
The terms "endorser," "co-signer," and "co-maker" refer to any individual other than the borrower who may be responsible for the loan. You are unlikely to meet or encounter all of these people during the life of your loan.
One may also ask, what is the difference between a co signer and a co Maker? Co-signer is a regulatory term (reg AA) and is limited to only consumer loans. Co-maker is a legal term that includes any primary obligor in any obligation. Such legal term does not include a guarantor who is a secondary obligor.
Herein, are you a co maker or endorser on a note student loan?
If you made a commitment that you would assist someone by paying their student loans if they are unable to do so, you are most likely a co-signer. As a co-signer, you are equally responsible for paying back the loan. NOTE: A co-signer is commonly referred to as an endorser.
What is a co Maker on a credit report?
A co-maker is any party that co-signs a promissory note. Each party assumes responsibility for the loan in case any of the other parties fails to pay the loan.