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The purpose of a co-signer is to guarantee payment by the primary borrower whose credit record isn't good enough to obtain the loan on their own. The lender will not release the cosigner because if the primary party fails to make the payment it is the responsibility of the cosigner to pay. The co-signer has promised to pay off the loan if the primary borrower defaults. That's how the borrower got the money!
It is rare, and would be exceptional, for a creditor to allow a co-signer to be released from liability from an outstanding debt. Usually, the only way this can be accomplished would be for the primary borrower party to refinance the loan in their name only.
Call the creditor to see what options are available. At the very least, let this be a lesson you learn from. When you co-sign for someone else, you are taking a risk that a creditor (who lends money as a business) is unwilling to take. There is always a reason they won't take that risk. Why would you?
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∙ 10y ago
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Can a cosigner have their name taken off a home debt?
No. The loan must be paid off to release the co-signer from their obligation.
If the primary goes to jail can your name be taken off of the loan?
No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.
Can cosigner pay off debt without borrowers consent?
yes
How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
Can my cosigner take their name off the loan without my permission?
The only way to take a cosigner off of a loan is to refinance it.
Can a cosigner have their name taken off a home debt?
No. The loan must be paid off to release the co-signer from their obligation.
If the primary goes to jail can your name be taken off of the loan?
No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.
What are the benefits of a cosigner?
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
What are the benefits of cosigning?
A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.
Can cosigner pay off debt without borrowers consent?
yes
How do you get your name off of an auto loan that you cosigned on if other party cannot get another loan and has nobody willing to take over as cosigner?
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
Can a cosigner have a primary title holder taken off the title?
If you go to the registration office with the primary and have them give consent to the cosigner
Can my cosigner take their name off the loan without my permission?
The only way to take a cosigner off of a loan is to refinance it.
What happens when your son dies leaving an outstanding car loan?
My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.
Can a cosigner sue the primary for the full amount of loan when the cosigner pays it off?
A cosigner can only sue if the primary borrower signed an agreement for the cosigner to pay the debt and then be reimbursed. The consignor can not sue if they, at their own liberty, decided to just pay the debt.
Can the primary on a car loan have the cosigner's name taken off the loan without the cosigner's permission or knowledge?
IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.
How can a cosigner get out of a bad personal loan left to him?
The best and the easiest way to get out of a loan is to PAY IT OFF ! You signed that you would be responsible for the debt !!!!!!
