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Can you remove your name off a loan as a cosigner if the primary party is not making the loan payments?
Wiki User
∙ 13y ago
No. You signed agreeing that if they didn't make the payments, you would be the responsible party. You will either have to make the payments or risk collection activity against you as well, including negative credit reporting or suit. You should consult an attorney and find out whether your state's laws would allow you to sue the primary party to recover some of your losses, but you can't get blood from a turnip. Unfortunately, this is the setback with cosigning a loan.
Wiki User
∙ 13y ago
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How can a primary buyer get the cosigner off the loan you wanted to cosign for your daughter but she didn't have enough credit so to build her credit you put her on as a cosigner how can you get her o?
The LENDER will have to remove any co-signor from the loan. Your only option is to have your daughter refinance the loan in her name only. She might be able to do this, given enough positive credit history on the existing loan and proof that it was her making the payments on time.
How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
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.
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.
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 can a primary buyer get the cosigner off the loan you wanted to cosign for your daughter but she didn't have enough credit so to build her credit you put her on as a cosigner how can you get her o?
The LENDER will have to remove any co-signor from the loan. Your only option is to have your daughter refinance the loan in her name only. She might be able to do this, given enough positive credit history on the existing loan and proof that it was her making the payments on time.
How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?
The title has nothing to do with the loan. The loan will need to be refinanced using a different cosigner or only the primary borrowers.
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.
Will refinancing a car loan under the primary borrower's name remove the cosigner from the loan obligation?
Yes.
EX wife not making car payments. I'm the cosigner and she won't give me the car back. what should I do?
You should contact your finance company to see what options are available. If they are not able to work with you to remove you from the loan, you may need to consult a lawyer. In the meantime, you should make the payments to preserve your credit.
If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
My bfs mom is the primary on his car and he is the cosigner They haven't been getting along so she threatens to take away the car Can she do this and what is the easiest way to get out of the loan?
The easiest way to get out of a loan is to pay it off. The bank required whatever signatures are presently on the loan in order to guarantee the payments. It won't let a co-signer remove his name. If your friend has been making all the payments himself then perhaps he could refinance the loan in his own name.
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.
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.
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.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
How do you remove yourself from responsibility of a loan if you are the co-signer?
You are on the hook if the primary borrower defaults. You cannot unilaterally abnegate your responsibility. You can, however, try to convince the primary lender to refinance the existing loan -- without you as cosigner, this time!
