getting off loans my husband co-signed for

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how do we go about taking my husbands name off two student loans and one car loan that he co-signed for his son? His son has been consistently late on all loans putting our credit at risk and our home finances at risk..

sara · Posted: Thu Sep 18, 2008 4:55 am Post subject:

Hi sehuntin,

The only way that I can think of is to ask the son to refinance the loans in his name. But what is your son's financial situation like? His credit will no doubt be tarnished as because he has already been late in payments. Your husband's credit will also be affected negatively because he has not made up for any dues in spite of being the cosigner.

Alternatively, your son can look out for student loahn debt consolidation services which will help him pay off debts, it not all, then at least a part of it.

Take Care

gmakerley · Posted: Thu Sep 18, 2008 8:19 am Post subject:

since your husband's son is consistently late with payments, it is highly unlikely that you'll be able to arrange for a refinance for him. your husband is on the hook until those loans are paid in full, i'm afraid.

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