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The loan must be paid off or refinanced in the name of the primary borrower alone.

A cosigner is equally obligated for the debt until the loan is paid or refinanced in the name of the primary borrower. The co-signer can't easily be removed from the debt. The reason you have a cosigner in the first place is because the primary borrower may not have had a sufficient credit rating or prior loan payment history. If the loan balance can't be paid off, the only option is for the loan to be refinanced without the co-signer.

The primary borrower must be willing and qualified to refinance. You must discuss it with the lender. If the primary borrower's credit rating has improved since they took out the loan, the lender may give them a new loan to pay off the old one. Absent the primary borrower being able to get a loan on his/her own a co-signer can be removed only if the lender is willing to let you off the hook. That's not common, and why should they?

Typically a parent will co-sign for a child with no credit history, a business owner will co-sign as an individual for his business, or, a partner or parent who is not on the deed will co-sign a mortgage. If you co-sign a loan for another party and they default on the loan, you are responsible for paying the loan. You guaranteed it.

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โˆ™ 2014-08-27 20:45:56
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Q: Can a cosigner have their name removed from the loan?
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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 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.


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.


If you refinance a loan to have the cosigner removed and the cosigner has the car how do you go about getting the car from them if the loan and title are now in your name only?

IF YOU LEGALLY REMOVED THE COSIGNER FROM YOUR CAR LOAN,TITLE AND ALL. IT NOW BECOMES A CIVIL MATTER,WITH EVIDENCE ON HAND A LOCAL SHERIIFF'S MIGHT BE HELPFUL SINCE THEY HANDLE CIVIL MATTERS. I DON'T FORSEE ANY PROBLEMS IN ACQUIRING YOUR VEHICLE.


Are there legal options that a cosigner can use to be removed from an auto loan?

No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.


Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?

No. The cosigner would have to apply for a loan in their name using their credit, income data.


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 be removed from mortgage loan?

No. The loan must be paid off and you must refinance without the co-signer.


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.


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.


If you want to get off of a loan as cosigner can you just sign a document saying you are no longer responsible for the car loan and that the other party is?

No. The only way to be removed as a cosigner is for the loan to be refinanced assuming the lender will allow that to happen.


How can a cosigner get out of paying for a loan?

Can't unless you get your name off the loan. The person you co signed for has to get the loan changed out of your name.

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