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How do you remove yourself from responsibility of a loan if you are the co-signer?

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βˆ™ 2006-08-18 18:39:08

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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!

2006-08-18 18:39:08
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Related Questions

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 you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.


Can a cosigner ask the court to garnish the borrower's wages to make the loan payments?

The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.


Does being a cosigner effect you being able to get a loan for yourself?

no


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


What happens when the signer of a car loan passes away and there is a cosigner as well?

The Cosigned assumes full responsibility of the loan.


Who is the person that agrees to take responsibility for repayment of a loan if the primary borrower defaults?

Cosigner


Can a cobuyer refinance a auto loan and remove the buyer from loan?

Buy cobuyer I wonder if you mean cosigner on a loan. If this is the case then the answer is no. As a cosigner you are simply agreeing to pay the loan if the person who took it out does not. It is in his or her name and you are responsible for it if they do not pay it.


Will refinancing a car loan under the primary borrower's name remove the cosigner from the loan obligation?

Yes.


Do you need your cosigner to sign when you refinance?

If you need a cosigner they must sign because a co-signer is a person who accepts responsibility for repayment of a loan, credit card or other debt along with the original borrower. However, if the institution giving you the new loan doesn't require a cosigner, you don't need to have the cosigner on your original loan sign anything.


Can you refinance your car without a cosigner if your current loan has a cosigner?

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


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.


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.


Can you switch the cosigner to the primary?

Yes, you can switch the cosigner to the primary on a loan. The way to do this is to have the loan refinanced.


How can a cosigner be removed from the loan?

The only option is for the loan to be refinanced without the particpation of the present cosigner.


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.


What can i do if i am listed as a cosigner and my spouse took the car and left the state?

i would report it stolen. if the payments are made the loan company can and probably will come after you for the money. If you report it stolen to the cops you can at least report it to the insurance company and the loan company and that should remove your responsibility.


What is a cosigner?

A cosigner is the person who agrees to pay off the full balance of the loan if the primary borrower fails to pay. A cosigner signs the loan documents and guarantees payment of the loan even if they have no ownership in the property covered by the loan.


How do you remove yourself as co-borrower from a loan when property was quit claimed to another party?

The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.The only way to "remove yourself as co-borrower" is by paying off the loan. You should be aware that if the property was transferred by a quitclaim deed the bank can demand immediate payment in full of the balance of the loan. You should consult with an attorney to assess your financial vulnerability and responsibility.


Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?

No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.


Can you get a student loan without a cosigner?

Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.


The obligation of a cosigner is discharged by?

The obligation of a cosigner is discharged by a borrower securing a loan to the satisfaction of the creditor. Paying off a loan will also discharge the obligation of a cosigner.


Can you be seventeen and have a cosigner cosign for an auto loan?

i was able to get an auto loan with the help of a cosigner and im under 18


Is the APR of a student loan determined by the credit of the borrower or that of the cosigner?

The cosigner I believe but check with the loan issuers it's in the details.


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.