YES !!! He/she should certainly discuss it with the cosigner. It may be a gift or it may just be that the cosigner doesn't want to have that note appearing on his/her credit report. Whatever the reason, even if the cosigner did it as a gift, the primary should acknowledge and express appreciation. But be prepared if the cosigner expects the loan to be paid back.
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.
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.
untill its paid off * The other option is for the primary borrower to have the loan refinanced without the participation of the original cosigner.
If a cosigner's name is not on the title they have no legal claim to the vehicle. They can file a lawsuit against the primary borrower to recover money that they contributed towards the paying of the loan.
Not if you are both on Title unless they forge your name.
A cosigner can only be removed from a loan through refinancing of the original agreement.
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.
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.
The only option is for the loan to be refinanced without the particpation of the present cosigner.
The cosigner has the right to file a lawsuit against the primary borrower's to recover his or her financial losses due to the defaulted lending agreement. The procurement of a second mortgage does not seem viable if the primary borrower's credit was not originally sufficient for them to obtain the loan without the need of a cosigner. It is more likely the house will have to be forfeited by means of foreclosure and the cosigner will have to try to recover losses by other means. The primary borrower's best choice is to obtain legal advice as to what their options are before a lawsuit is filed against them.