0
No. The loan must be paid off to release the co-signer from their obligation.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
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.
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.
Is it possible to take full responsibility for a debt and remove a cosigner's name from the record?
YES, contact the lender ASAP and work it out.
Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
Does the primary borrower receive any benefit to their credit rating when there is a cosigner on the loan?
This debt will appear on your credit report as a joint debt. It will bare just as much weight on your credit report as if it were in your name alone.
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.
Why do it have to affect the co-signer when its your debt?
Because the cosigner guaranteed the to pay the loan if you do not. You fail to make a payment and the lender will be looking at the cosigner for the payment. You not only have an obligation to the lender who lent you the money but to the cosigner who also signed his name to the loan agreement.
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.
Is it possible to take full responsibility for a debt and remove a cosigner's name from the record?
YES, contact the lender ASAP and work it out.
Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
Does the primary borrower receive any benefit to their credit rating when there is a cosigner on the loan?
This debt will appear on your credit report as a joint debt. It will bare just as much weight on your credit report as if it were in your name alone.
If you helped your mother get a home and her name is on the deed but yours is on the note and she has been missing payments is there an easy way out?
The only option to be removed as a cosigner is to have the secured property refinanced without the cosigner being involved.
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.
When Cosigner pays lender how can name be cleared with credit bureaus?
When a co-signer has to pay a debt for a person, that person's credit will suffer because they were the initial person the lender wanted the money from. It is possible to ask for proof that the debt was paid and send it to the reporting credit bureau to clear a person's name, but it is not always easy to get this type of debt removed from a credit report.
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 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.
Can the cosigner remove her name from a loan if the the account was taken to court and judgment was only made against the primary account holder and not the cosigner?
Generally, the co-signerdoes not have any authority or means to remove their name from a loan. That would involve altering the loan documents and the lender's records. The loan is owned by the lender.
