You have the title company write up a "quit-claim deed" for the property. You need to sign it and then the person you want off the loan has to sign it (but they MUST have it notarized), then it can be mailed back to the title company for completion.
A cosigner cannot be removed from the debt obligation except by a refinancing of the loan without the original cosigner's participation.
The only way to take a cosigner off of a loan is to refinance it.
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
You don't need a license to get a loan. Your credit rating will determine whether you need a cosigner or not.
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
No. The cosigner will still be equally responsible for the debt
If you owe money on a car loan or are a cosigner for a car loan, yes.
Refinancing a loan means that you are essentially paying off your mortgage with a new loan. Refinancing is often used to change your loan from an adjustable to a fixed rate and can be a way to lower your monthly payments or take cash out of your home's equity. The process of refinancing is very similar to getting your original mortgage.
Yes. You need to discuss this with the lender.
Some of the disadvantages to refinancing a home are the cost, loan term, equity reductions, owning less of your home when done, and the time it will take. Those are some of the disadvantages of refinancing a home.
A cosigner is only needed because the primary doesn't have adequate credit rating/history for the needed loan. Hence, the cosigner needs to have credit good enough to qualify for the loan, presumably good, at least betterr than the primary! (Credit scores are not combined or added to get to the needed level). Understand, being a cosigner is essentially the exact same as getting a loan - the cosigner is just as liable as if he got the loan on his own..in fact needs to be more responsible, because he now has to take on the obligations of the primary too, if needed, likely without the control/posession/benefit of what was purchased.
Yes there are risks in home refinancing, as well as benefits. The main risk is that some loans carry penalty clauses that are triggered by early payment of that loan. If penalty fees are higher than the savings you could get from home refinancing, it is better not to take that loan.
NO! He is only guaranteeing the loan. He has no legal right to take the car.
The mortgage is held by a lending entity, not the government. Arrangements to change the terms of the loan are typically done by refinancing the loan. Signing a quitclaim, or having a legal document outlining responsibility for the loan do not remove you from the terms of the original loan. However, these documents may be used to request that the bank not report the loan payments in your name to the credit reporting agencies, with varying success. No, a judge does not have the power to take such action.
No they can not because then the cosinger can report te car being stolen. YES YOU CAN AS LONG AS YOU ARE THE PRIMARY OWNER OF THE VEHICLE. THE COSIGNER IS JUST A PERSON WHO HAS MADE AN AGREEMENT WITH THE BANK THAT IF FOR SOME REASON YOU SHOULD DEFAULT ON THE LOAN THE BANK CAN PURSUE THE COSIGNER. BECAUSE THE COSIGNER PRESUMABLY HAS BETTER CREDIT AND STRONGER WORK HISTORY, THUS THE ABILITY TO REPAY THE LOAN. OF COURSE YOU HAVE TO BE OF AGE AND FOLLOW ALL OF THE LAWS WHEN DRIVING.
You should make sure that you understand what the interest rate is of the loan you are refinancing. Also make sure you understand the risks involved.
A cosigner is a person who signs with another person for a loan of some sort due to credit issues or financial reasons. A cosigner unfortunately does not have as many rights as the person who is first listed on a loan. For example, if you purchase a car and your boyfriend/girlfriend cosigns for you and you two break up, they cannot take the car away from you. However, if you are late on payments, the cosigner will then be responsible for the payments.
Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.
No, a cosigner has no legal rights to a vehicle unless his or her name appears on the vehicle title.
Yes, in most cases they do. They want to know what their investment is when they give you a loan.
Obtaining a new loan to pay off an old loan using the funds from the new loan. Any time you take old money owed and pay it off with new money owed you have refinanced.