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That will have to be arranged between the lender and the co-signor. The only way to remove anyone from a loan is to have the person being removed sign verifying that they want to be removed AND whoever will be left on (or added to) the loan must reapply for the loan on their own. This means, if the cosigner does not have good enough credit, then either the primary must stay on the loan or (if the loan is backed by collateral such as a car or house) then the collateral can be sold to a third party. In which case, of course, the primary and cosigner will be removed.
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Can you have a loan you co-signed removed from your credit?
No. You cannot have it removed from your credit history. If the primary borrower defaults you must pay the balance of the loan your own credit will be ruined.
Can a primary buyer have a co buyer removed from an auto loan if the co buyer was never needed to get the loan?
That will be up to the LENDER.
Can a co-signer be removed from a personal loan?
Only if the primary borrower is willing and able to refinance.
Can a primary borrower have their name removed from a loan with a cosigner?
Names cannot be removed from loan contracts. New contracts can be written to superceed prior contracts, which in the case of a personal, auto or home loan means refinancing the loan. The lender offered the credit based on the qualifications of the parties who signed; therefore removing a party changes the qualifications for the loan.
Can a cosigner of a student loan be removed and replaced by another person?
a co-signer can not be simply "substituted" . A new loan must be structered with the primary and the new co-signer, then the first loan would be paid off.
What can you do if you co-signed an auto loan and three months later you want your name taken off?
The only way to be removed is to have the loan refinanced by the primary borrower without the participation of the cosigner.
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 a cosigner have their name removed from the loan?
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.
Can a co-signer be relieved of responsibility on a home loan after a period of time?
No. A cosigner promises that the will be obligated for the debt incurred if the primary borrower defaults. The only way to be removed is by having the loan refinanced.
How do you get your name removed from cosigning a car lease?
Until the lease is satisfied or the vehicle surrendered, you can't. You guarantee the loan if the primary cannot pay for it.
Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?
No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.
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.
