HomeCan the cosigner of a student loan be removed from the loan after the student finishes college and has a job and the ability to repay on his own?
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Answered 2015-07-15 21:12:09
No, a co-signer is legally and equally obligated until the loan is paid in full or until the loan is refinanced w/o the original co-signer being a party to the action.
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The only option is for the loan to be refinanced without the particpation of the present cosigner.
No. The purpose of requiring a co-signer is that in the case of a default by the primary borrower, the cosigner has agreed to be fully responsible for the loan. Therefore, if the borrower defaults, that's what you're there for if you're the cosigner.
If the loan is paid off, the lender will give you a lien release. With that release in hand visit your local DMV to have the cosigner removed.
Yes, they can be removed from the title although there isn't much point to the action if the vehicle is subject to BK seizure. However it is not possible to be removed from the loan agreement. The cosigner will likely be obligated to pay the outstanding debt.
NO you have s secondary obligation for the note, not the money or how it was or was not used.
No, a cosigner can only be relieved of the financial obligation by a refinancing of the loan agreement without them being a participant.
The obligation of being a cosigner and the inclusion of the person's name on a deed are two different issues. Being removed from a deed does not relieve the cosigner of the financial obligation of the loan. In addition, a quit claim to property is usually necessary, the action needed depends upon the laws of the state where the property is located.
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.
The only option to be removed as a cosigner is to have the secured property refinanced without the cosigner being involved.
No. The loan must be paid off and you must refinance without the co-signer.
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.
No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
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.
The way it may impact on the credit report depends on if the person pays the rent as agreed. It will also play a part in the cosigner's DTI. Usually the only way of being removed as a cosigner is if the agreement is reaffirmed by the primary holder and the lender. In the instance of rental agreements, a cosigner can sometimes be relieved of obligation if there is a breach of contract. For example, if the person moves someone not on the original rental contract into the apartment.
No. Once a cosigner has signed the contract the only way they can be removed from the responsibility is a new agreement being made without the assistance of the original cosigner.
The co-signer cannot be released until the lease has expired unless the lessor agrees to release the co-signer in writing.
A cosigner can only be removed from a loan through refinancing of the original agreement.
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No, you signed, you are equally responsible for the payments, you are also equally responsible for what happens with regard to default. This is why the lender permitted you to sign as a co-securer of the original loan.
The LENDER put the repo on there so they will be the one to take it off. NEGOTIATE.
if a eviction notice was servered after i gave a 30 day notice as im a cosigner to be removed from agreement am i still responsible
It may depend on your local state laws, but generally, no. Once you cosign, you are liable for payments if the other stops paying, no matter the reason.
You can try to re-finance the car with a different lender without the cosigner if you've established enough good credit.
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