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Can a cosigner get off the loan if it has been financed for over 2 years?

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βˆ™ 2006-08-18 16:48:41

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A cosigner can only be relieved of the financial obligation through refinancing of the loan without the current cosigner's participation.

2006-08-18 16:48:41
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Q: Can a cosigner get off the loan if it has been financed for over 2 years?
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Related Questions

What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?

They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.


Can a cosigner have a car repossessed if the loan has been in arrears?

yes


If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?

will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle


What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?

If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.


Does a co-signer have rights to a vehicle that is being financed and payments are currently being made by the primary holder?

NO. As the cosigner, you are only guaranteeing the loan.


Can you switch the cosigner to the primary?

Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.


How can a cosigner be removed from the loan?

The only option is for the loan to be refinanced without the particpation of the present cosigner.


How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?

The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.


If you bought a house and had it financed with a cosigner are they on the deed and if you are able to refinance yourself can you do it without them?

Since you are both on the loan you are both on the title. You can refinance without them on the loan but would need them to sign the title over or transfer at close.


What is a cosigner?

A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.


If you are a cosigner on a car loan and the bank reposses how long is your credit affected?

Seven years.


If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.


Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.


Can you get a student loan without a cosigner?

Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.


The obligation of a cosigner is discharged by?

The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.


Can you be seventeen and have a cosigner cosign for an auto loan?

i was able to get an auto loan with the help of a cosigner and im under 18


Can a student loan cosigner be retired?

Some student loans to have the option of cosigner removal. Those that have the option generally will do it if: 1) 2-4 years of consecutive, on-time payments have been made, AND 2) the student/main borrower now meets the credit criteria for the loan on their own.


When a loan is in default does the lender have to notify the cosigner?

When a loan is in arrears (past due), the creditor has the legal right to contact the cosigner unless the loan is included in bankruptcy. The Fair Debt Collection Practices Act states this fact. The sole purpose of a cosigner/guarantor is to guarantee the loan, hence it is likely if no payment arrangements have been made by one, they will collect from the other.


Can a cosigner ask the court to garnish the borrower's wages to make the loan payments?

The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.


Is the APR of a student loan determined by the credit of the borrower or that of the cosigner?

The cosigner I believe but check with the loan issuers it's in the details.


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.


Does a cosigner own the property if he pays off the original loan?

The cosigner of the loan owns 1/2 of the property if they are on the title.


Does the cosigner have to drive the car?

No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.


What is a creditworthy cosigner for a private student loan?

a secured loan


Can a cosigner on your college loan sue you?

Yes, if you defaulted on the loan.