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What are the options if an exfiance wants off a cosigned student loan but the borrower cannot get another loan to pay off or refinance the cosigned loan and no the loan has never defaulted?

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2009-07-29 21:14:32
2009-07-29 21:14:32

Since your ex-fiance cosigned on the loan, they are just as much obligated to the contract as you are. The only way they could get their name "off the loan" was, as you said, for the original borrower to obtain a new loan, in order pay off the original obligation. If this is not possible, then she is locked into the original contract.

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If it will make you feel better , send it yourself, just do not put your heart on your sleeve, keep a clean break, you will otherwise regret it later if you have put something in writing that later you wished you had not.


I think it means you miss him more than you realize because this was probably a special time of year for the two of you when you were together before he passed. I think you should visit his grave and thank him for the time you had together especially around the holiday season.


Don't give it to him of course! Say you sold it or somthing. Why would you give back a ring to the person whom you loved, but then he ruined it all!But, if you must be nice, you could:Simply buy a new ringTell him the truth;you don't have it anymoreDont respond to the situationThe ring is considered to be part of the marriage "contract." Because he was the one who broke it off, he does not have any claim left to the ring. Likewise, if you had broken it off, you would be responsible for surrendering the ring back to him. Tell him the ring was yours to do with as you pleased, if it was that important for him to have it back he should have made plans for the rings return at the time you two parted ways. You do not owe him the ring, an explaination to the rings whereabouts, nor any type of financial reimbursment.


Yes, you can sue the borrower and receive a judgment if they defaulted on the loan. They can also sue the cosigner.


You may be held responsible for the judgment if the original borrower fails to pay. When you cosigned for the loan you were agreeing to pay it if the borrower defaulted.


Yes, you are. That is what cosigning means. The lender didn't think the borrower could (or would) repay them, so they only loaned him the money because you said you would pay if he didn't.


if the consigner files bankruptcy can the borrower take the car


The only way for a co-borrower to get off a loan is to refinance that loan, and do not include yourself in the refinance process.


The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.The co-signer cannot force the primary borrower to refinance. They must wait it out until the loan is paid.


Pay what is in arrears and/or pay off the loan. Talk to the lender ... in some circumstances, they may be able to help you refinance the loan (but the interest rate could be higher as you are now an "at risk" borrower).


The only way to remove a co-borrower would be to refinance the mortgage with only the borrower on the new note.


By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.By paying off that mortgage. If necessary the primary borrower would need to qualify to refinance in their own name alone.


Only if the borrower qualifies on his own and the bank allows it. You will also have to be removed from the deed.



You cannot "make" anybody else do anything they do not wish to do. About all you can do is "suggest" that they refinance ... until then, you are just as liable for the debt, and there is little that can be done without taking the other person to court.


The person who's name is on the Title is the owner of the car.


yes you may take the car back considering she defaulted on a aggrement between the 2 of you and the bank you are liable for any unpaid debts on the car therefor the car is yours as well....


Only if the primary borrower is willing and able to refinance.



Either pay it off or get the other person to refinance the loan. If they won't or can't, you may be stuck.


You are responsible for co signing the loan. If you are partners with your husband in his business, have a loan together on the business, then yes, the business becomes an asset that could be attached if the loan you cosigned on should be defaulted on.


Refinance the lending agreement without the person's being a participant.


The only option is for the primary borrower to refinance the loan in their name only, or with a different approved co-signer. If their income level has significantly increased as compared to their debt level, a co-signer will probably not be needed.


The lender is the only one that can release a borrower. If a lender is going to release 1 borrower from the loan they will need to have a good reason. There is little incentive for the lender to do so. A practical alternative for most people is to refinance the property in the name of the person who is going to remain the owner and the borrower.



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