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No, a cosigner or co-borrower can only be removed from the obligation of the debt by refinancing.

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โˆ™ 2006-02-23 14:26:39
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Q: If the primary goes to jail can your name be taken off of the loan?
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What does clean loan mean?

It is a kind of loan where there is no primary or secondary security or collateral taken by the bank.


Can the cosigner be taken off the loan if the primary borrower has made over a year of payments on time?

The only way for a co-signer to be taken off the loan, would be for the primary borrower to refinance the account.


Can the primary on a car loan have the cosigner's name taken off the loan without the cosigner's permission or knowledge?

IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.


Can you go to jail for title loan?

Can u go to jail for now paid a title loan


Can you go to jail for not paying a bank loan?

Jail is not a penalty for not paying a bank loan. The bank can bring a judgment against the person who does not pay the loan back.


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.


What happens if when cosigned mortgage loan goes into foreclosure?

The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.


Does the cosigner have to drive the car?

No, the cosigner signs on to the loan. Usually, the primary signer owns the car and drives it. The cosigner is there in case the loan goes into default and needs to be paid for. After they sign on the car does not belong to them, but the person who took out the loan.


Does a co-signer have to have permission from the Primary Account Holder to be taken off of a car loan?

A co-signer of a car loan needs the permission of the lender to be taken off the loan. That is not likely to happen since the lender wants as many sources as possible for repayment of the loan. Each co-signer is responsible for 100% of the loan. If one doesn't pay the other will be held responsible.


What is a senior loan?

If you were to loose your home for example...and the forclosure took in 100k, and you had a primary loan of 90K, and a secondary loan of 90K, then ... the primary (senior), loan gets 90K, and the secondary loan gets 10K.


What can you do if you co-signed an auto loan and three months later you want your name taken off?

The only way to be removed is to have the loan refinanced by the primary borrower without the participation of the cosigner.


How do you get out of being a cosigner on a bike loan?

The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.The loan must be paid off and refinanced in the sole name of the primary borrower. Otherwise you are fully responsible for paying the loan if the primary borrower defaults or wrecks the bike.


What if the primary signer on a loan defaults?

If the primary signer defaults the co-signer will become responsible for paying the loan.


Can you go to jail for not paying a loan?

yes


Can you go to jail for a title loan?

No. You cannot.


What is the term for a person who has taken a loan?

The term used to refer to someone who has taken out a loan is, borrower.


Can you go to jail for unpaid student loan?

You could eventually go to jail, yes.


WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?

A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.


Can co borrower gain possession of a vehicle from primary borrower?

Only if their name is on the title or by a court decree after suing the primary for not paying the loan.Only if their name is on the title or by a court decree after suing the primary for not paying the loan.Only if their name is on the title or by a court decree after suing the primary for not paying the loan.Only if their name is on the title or by a court decree after suing the primary for not paying the loan.


How do you get out of co signing on a property?

The only way to remove yourself from the obligations of co-signing a loan is to pay off the loan and refinance it in the primary borrowers name. Until that happens you are fully responsible for paying the loan if the primary borrower fails to pay.The only way to remove yourself from the obligations of co-signing a loan is to pay off the loan and refinance it in the primary borrowers name. Until that happens you are fully responsible for paying the loan if the primary borrower fails to pay.The only way to remove yourself from the obligations of co-signing a loan is to pay off the loan and refinance it in the primary borrowers name. Until that happens you are fully responsible for paying the loan if the primary borrower fails to pay.The only way to remove yourself from the obligations of co-signing a loan is to pay off the loan and refinance it in the primary borrowers name. Until that happens you are fully responsible for paying the loan if the primary borrower fails to pay.


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 get a mortgage if you have co-signed a loan?

The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.The lender will view the loan you co-signed as your debt since you are fully responsible for paying that loan if the primary borrower defaults.


Can you go to jail for not paying back an ace check cashing loan?

You cannot go to jail for failing to repay a loan. At most, the court can order a garnishment of your wages.


Are a primary borrower and a secondary borrower on a car loan equally responsible for the loan?

Yes, the cosigner/co-borrower has the same legal responsibility to repay the debt/loan as does the primary borrower. If the primary defaults the creditor can attempt to collect from the co-borrower before the primary borrower.


What are the cosigner's options if the primary defaults on the loan and leaves the country?

To pay the loan.