answersLogoWhite

0


Best Answer

The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.

User Avatar

Wiki User

โˆ™ 2009-07-02 17:26:17
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?
Write your answer...
Submit
Related questions

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 a primary title holder taken off the title?

If you go to the registration office with the primary and have them give consent to the cosigner


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.


As a cosigner for a private student loan what recourse do you have if the borrower does not make payments?

You could try to sue the primary in civil court. It may not be possible to actually win a suit until after actions have taken place to actually cause you damages. These damages would include, but are not limited to, a negative credit score, judgment, garnishment, etc.


What happens if cosigner stops making payments?

The other signer must make the payments or the loan will go into default, the property will be taken and your credit will be ruined.


Can a cosigner have their name taken off a debt?

The purpose of a co-signer is to guarantee payment by the primary borrower whose credit record isn't good enough to obtain the loan on their own. The lender will not release the cosigner because if the primary party fails to make the payment it is the responsibility of the cosigner to pay. The co-signer has promised to pay off the loan if the primary borrower defaults. That's how the borrower got the money! It is rare, and would be exceptional, for a creditor to allow a co-signer to be released from liability from an outstanding debt. Usually, the only way this can be accomplished would be for the primary borrower party to refinance the loan in their name only. Call the creditor to see what options are available. At the very least, let this be a lesson you learn from. When you co-sign for someone else, you are taking a risk that a creditor (who lends money as a business) is unwilling to take. There is always a reason they won't take that risk. Why would you?


What are the options of a cosigner when the other party has taken possession of the car and moved across the country and is consistently late on payments and you cannot afford to pay it for him?

None. When a person cosigns any financial agreement they are entering into a legally binding contract to repay the debt if the primary borrower defaults on the loan. Although it would seem the cosigner should be allowed to be relieved of the debt responsiblity due to the actions of the primary borrower, it is unlikely a judge would take the same view. The cosigner does have legal option to recover money spent to cover the primary borrower's financial obligation. In a case such as cited it would be very difficult to file a lawsuit against the person in question. The person in possession of the vehicle however may be in violation of criminal statutes for removing the vehicle from the state if he or she did not receive prior approval from the lender.


Can a cosigner have their name taken off current mortgage to cosign another?

No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.


If you are a cosigner on an auto loan for a family member who has not made payments is there any way to remove your name from the loan?

You need to talk to the lender to see if you can get taken off the loan. The reason they required her to have a consigner was exactly for this possibility. Sometimes, a lender may allow a cosigner to be removed, but it's reasonable to say that would only be if the primary has made timely payments as agreed for a reasonable period of time and improved their credit worthiness to where the lender could feel the cosigner is no longer providing any actual needed protection. That would not seem to be the case at all here.


Can a cosigner take property if they haven't made any payments?

a co signer has a right to protect their credit- if you are not paying then legal action can be taken by the co signer


Can a cosigner be taken off a Student loan before its process?

It doesn't hurt to ask. They might say no to you especially if their income in not substantial enough to make payments on their own.


Will my car be taken if my cosigner dies?

Not as long as you make your payments on time. A co-signer guarantees that you will pay your loan off. If your co-signer dies and you don't make your payments the lender will repossess the car and go after you for any deficiencies.


If a co-signer has taken possession of a vehicle because the borrower became delinquent is the co-signer now responsible for all payments on the car?

If the primary borrower has defaulted on the vehicle loan, the co-signer will need to make regularly scheduled payments and any that have been missed. If the co-signer is unable to do this, the vehicle may be repossessed by the lender. In which case both the primary borrower and co-signer will be responsible for any deficiency and fees incurred when the vehicle is sold. The repossession will also appear on both person's credit report. It would be advisable to contact the lender to discover what options might be available pertaining to the specific circumstances.


Can a co-signer take possession of a car if the primary borrower does not have auto liability insurance in Texas but the lender has taken out insurance to cover the car?

Yes, They can because that means that the primary borrower has failed to meet the requirements of the lender by maintaining coverage on the car. You are already in Default and subject to Repossession by not having the vehicle insured. This failure also increases the risk to the cosigner who is a guarantor on the note. If they decide to Repossess the vehicle and call in the note, your cosigner can be sued and will be held jointly and separately liable for the entirety of original note he cosigned as well as any new charges that have been added due to the primary borrowers breech of contract.A co signer can take charge of the car if the person they cosigned for is not able or does not do what they agreed to. When a financial institution takes out insurance on the car it is to solely keep the institution from being sued, it is not to fix or cover the borrower in anyway, but the borrower will have to pay for the insurance that the financial institution takes out, they usually put it onto the end of the note. Best to keep insurance on the car.


Where can one find information on reversed mortgages?

A reverse mortgage is a type of loan taken out on the equity of a house. No payments are required while the borrower lives in the home. The loan is repaid when the borrower dies, sells their home, or no longer lives in that residence. The FTC has information on reverse mortgages.


What happens when someone cosigns for a bond that you have to make payments on and you don't pay?

Then the cosigner is responsible for paying. most plases uses caladeral like a car or house, if the bond is not paid the car or house is taken


How can a cosigner's name get taken off a student loan if the money was not used for school and he has no idea how or where it was used?

They can't. Once someone consigns for any type of financial transaction, they are basically stuck for the duration. Their credit is equally affected if the lending terms are defaulted. Creditors have the legal right to pursue any actions as provided by the resident's state laws against the primary borrower and the cosigner.


What effects are there for someone who cosigns a student loan?

Cosigning on any debt makes you just as responsible as the other borrower. The balance of the debt will be on both of your credit reports, regardless of whether payments are due now, 4 years from now, or past due. The creditor can take any action against you that could be taken against the other borrower, and they do not have to go after the other borrower first.


If you have taken out a loan with someone cosigning and end up being late on payments and the cosigner having to pick up the tab will this hurt your credit rating?

VERY much so, not to mention your relationship with the co-signor.


What is the term for a person who has taken a loan?

The term used to refer to someone who has taken out a loan is, borrower.


What is the difference between a reverse mortgage and a regular home equity loan?

A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.


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.


If a person co-signed for another's car will the co-signer be taken if they file for bankruptcy?

Yes! The whole point of cosigning a loan, from the lender's perspective, is that they have 2 people on the hook for the loan in the event it goes sour. If the person stops making payments (bankruptcy or not), they will come after the cosigner, making the cosigner wish he/she had never, ever cosigned.


What if you are a cosigner on the car but the title and registration is not in your name but you made payments What rights do you have to the car Can you have your name taken off?

You have very few rights. You agreed to pay for a car that is not yours. Your name can only come off the contract IF the finance company agrees, and they have no reason to agree.


Can a vehicle be taken by police for delinquent payment?

Can a vehicle be taken by the police for delinquent payments.