0
Generally, no. You might be able to "sue your way out" of it, but that takes legal muscle. If you sign a contract, particularly if you co-sign, then you are "on the hook" for the loan or whatever was contracted for. Someone wanted/needed something and could not swing it alone. You came along to help. You both signed and now you want to withdraw from the contract. Sorry, but both parties signed to insure delivery on the terms of the contract. If you want out, something substantial must have changed so that your co-signature isn't required to assure delivery on the contract. Has something changed? Has the other party you signed with suddenly come up with more resources to convince the "other side" that he alone can deliver? If not, then you're stuck. The two of you signed a promise to the other party, and that party expects satisfaction as regards the terms of the contract. You can always try to get things changed, but consider what the other side is looking at. When you take their point of view, be honest. Really put yourself in their shoes and ask yourself the tough questions. Odds are, if you were them, you'd keep yourself on the contract. Good luck in any case.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Would cosigning for your son's apartment rental agreement be viewed the same as cosigning for an actual loan when applying for future credit assuming all payments are made on time?
Co-signing means that you accept 100% financial liability for the contract in question. The manner in which the contract is adhered too has equal impact on your credit.
How does cosigning for a car loan affect your credit?
No.
How much will cosigning a student loan lower your credit score?
Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.
How do you repair the damage on your credit report from cosigning a bad loan?
TIME!
Is it better for a person considering cosigning on an auto loan to be a co-buyer versus cosigner?
Yes, because then they have a vested interest in the property, whereas a cosigner usually has no legal rights to the vehicle and is only agreeing to assume the debt if the primary borrower defaults on the contract.
Would cosigning for your son's apartment rental agreement be viewed the same as cosigning for an actual loan when applying for future credit assuming all payments are made on time?
Co-signing means that you accept 100% financial liability for the contract in question. The manner in which the contract is adhered too has equal impact on your credit.
If cosigning for your mother can impact you negatively when buying your own home how can you help her?
Pay off all her debts yourself if you can.
How can I get out of a cosigning loan that is still active?
Chances are you will not be able to remove yourself from responsibility for any loan you cosign until the loan is paid in full. Remember, the borrower needed you to cosign because he didn't have credit, or had bad credit and was not considered by the lender to be a suitable risk. By cosigning, you are actually taking full responsibility for repaying the loan. There are a few situations where a lender may agree to remove you as cosigner if records indicate that payments have been made on time for a period of
Would cosigning before my daughter signs the rental contact still obligate me to pay for rental fees when she hasn't even moved in yet?
No, as there is no contract until both parties involved on your end have signed the contract.
What is the word that is used when you remove yourself from an issue?
To remove yourself from an issue is to recuse yourself.
Can you remove A CO signer name after six months?
No, one can not remove a cosigner from any contract after 6 months. The cosigner will have to stay on the contract until the contract is paid.
Can you put a lien on your own business?
No, of course not. You cannot owe yourself money. You cannot enter into a contract with yourself therefore there would be no legal basis for a lien.No, of course not. You cannot owe yourself money. You cannot enter into a contract with yourself therefore there would be no legal basis for a lien.No, of course not. You cannot owe yourself money. You cannot enter into a contract with yourself therefore there would be no legal basis for a lien.No, of course not. You cannot owe yourself money. You cannot enter into a contract with yourself therefore there would be no legal basis for a lien.
How does cosigning for a car loan affect your credit?
No.
How much will cosigning a student loan lower your credit score?
Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.
How can you get a contract with young money?
Being yourself because what they can do, can I do too
What do you need to co-sign for a car in Florida?
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
What do you need to co sign for a car in Florida?
There is not a strict set of requirements for cosigning. You will need to be over 18 and the lender will need to believe you are a good credit risk. This is based on your credit score. You should be concerned with the obligations cosigning a car loan will create for you. See the Related Link for "Experian: Advice on Cosigning a Loan" for info on this.
