answersLogoWhite

0


Best Answer

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

User Avatar

Wiki User

โˆ™ 2006-08-18 16:48:41
This answer is:
User Avatar
Study guides

What is rhetorical device

Who was the father of rationalism

What is a cash advance

What is discretionary spending within a budget

โžก๏ธ
See all cards
2.11
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
9 Reviews

Add your answer:

Earn +20 pts
Q: Can a cosigner get off the loan if it has been financed for over 2 years?
Write your answer...
Submit
Still have questions?
magnify glass
imp
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


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.


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.


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


If a borrower signed a loan for a cosigner is there a way the loan can be changed into the cosigner's name without refinancing?

No.


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.


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

Seven years.


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 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.

People also asked