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ONLY by paying the loan off or refinancing with someone elses good credit. NEVER CO-SIGN UNLESS YOU CAN AFFORD TO GIVE THE MONEY TO THE DEBTOR.

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โˆ™ 2015-07-15 18:40:22
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Q: Can you get your name off of a note as a cosigner?
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What does cosigner mean?

a cosigner is someone that also signs a note, meaning that if the original signer dose not pay the obligation the second signer or cosigner must pay. It means, if the person getting the loan does not pay it off, the cosigner is responsible for paying the loan off.


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.


Does a cosigner have rights to the car even when its paid off?

No, the cosigner will not have rights to the car after its paid off because the purpose of a cosigner is to pay off the notice if you fail to do so. Being a cosigner does not give them to any rights to the car.


If your a cosigner and want to remove your name before the loan is paid off will this affect your credit in any way?

A cosigner cannot simply remove their name from the contract. The cosigner is obligated equally with the primary borrower until the loan is paid. A cosigner's credit history will be affected, hopefully in a positive way.


Is the primary on a loan obligated to pay back a cosigner if the cosigner pays off the loan without the knowledge of the primary?

YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.


How do you know if you are a cosigner or co owner?

A "Cosigner" is a "Co-owner." Cobuyers and buyers are equally responsible for the note they signed.


Can a cosigner have their name taken off a home debt?

No. The loan must be paid off to release the co-signer from their obligation.


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.


What are the benefits of a cosigner?

A cosigner basically is a guarantor for the repayment of a loan or value and serves as cosigner of the debt. If the debtor fails to make payments or defaults, the cosigner is obligated to pay off the debt. No benefits for the cosigner, but cosigner benefits the debtor.


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.


If the cosigner is refusing to refinance or pay the auto loan off how could the primary person on the auto loan remove his or her name?

They would need to have the vehicle refinanced in their name only or obtain another cosigner for the 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.

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