co-signer wants to get out

Guest 0.10 Dollars($)

I had co-signed on a loan with my friend? Now can I get out of it?

Guest 0.10 Dollars($)

It's really difficult and most lenders won't agree to it. Your friend could not qualify alone and that's why needed a co-signer. Now the lender won't like to take any risk by allowing you to withdraw.

colin · Posted: Mon Jul 24, 2006 5:16 pm Post subject:

What is the loan type? I agree that it's difficult to get out once you have co-signed on a loan and assumed responsibility in case the primary borrower defaults.

If your friend's score has improved and now he can qualify for a loan alone then he needs to take another loan and pay this one off. This is a possible way out for you.

Guest 0.10 Dollars($)

Hi,

I am a victim personally. That's why I suggest everybody to stay away from co-signing a loan unless you know the other person's character completely.

Why do you want to get out now? I think your friend is creating tensions for you with the payment defaults. I too had a bad time and it was similar which resulted in a break up in our relations.

Best of luck to you.

Guest 0.10 Dollars($)

My husband co-signed for two student loans and one car loan for his son. His son has been consistently late paying all of these loans and we have had to bail him out numerous times putting our credit at risk and our finances at home in jeopardy. How do we go about taking action to get off these loans?

sara · Posted: Thu Sep 18, 2008 4:58 am Post subject:

Hi Sue,

I've discussed on a similar topic at http://www.mortgagefit.com/homeloan/takeoff-cosigner.html#60829. Please have a look at it.

gmakerley · Posted: Thu Sep 18, 2008 8:21 am Post subject:

there is no way to "get out" of cosigning. if the primary borrower is qualified, the possibility exists that he or she can obtain a new loan that pays off the old loan. however, if there is a history of late payments on that loan, you're likely to be stuck with it for the duration.

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