How can I remove my name from a loan?

layaoux4 · Joined: 20 Oct 2007 Posts: 1 1.39 Dollars($)

About 4 years ago my sister-in-law and myself bought a camper together with both our names on the loan. 2 years later I was unable to keep up with the payments so she agreed to take over. Since then she has become ill and financially in debt so much that now they (her and husband) are going to declare bankruptcy. How will this affect me since my name is still on the loan and how can I remove it without refinancing? I am still not yet able to take over the payments but even if I did her name would still be on the loan and she would still declare bankruptcy.

livinginnky · Posted: Sun Oct 21, 2007 8:02 pm Post subject:

You will have the negative mark on your credit the same as she will. Whatever happens will affect you both and you can't get your name off the loan without selling or refinancing it.

I can only recommend this. If you want to sell it find an RV dealer in your area. A lot of times they will sell things like campers on consignment.

Guest 0.10 Dollars($)

Hi Layaoux,

If your sister-in-law declares bankruptcy it will also affect you.

Novation is another option by which you can take out your name from the loan.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Layaoux,

If your sister-in-law declares bankruptcy, then it will certainly affect your credit score as your name is there on the loan.

If you pay back the loan amount, then your name will be removed from it. So, if you can, it is better to refinance it and pay the loan.

Now, if you transfer the deed to her name, it will not help you in anyway because, in spite of that, you have to pay back the loan.

With best wishes,
Larry

liaoyu03 · Joined: 09 Sep 2007 Posts: 213 9.09 Dollars($)

If your sister-in-law declares bankruptcy, this will be bad for your credit score, because of your name on the loan.

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