Can a cosigner be removed from a loan? and if so, how long after the loan is opened?
2007-02-12 17:33:30 · 7 answers · asked by divinemadness 4 in Business & Finance ➔ Personal Finance
Yes, but it will normally require new underwriting. That usually means a refinancing of the note.
2007-02-12 17:38:20 · answer #1 · answered by Rob D 5 · 0⤊ 1⤋
In reality, the answer is no. If you had to have a cosigner, then you probably do not have the credit to finance it yourself. The loan originator is giving up their leverage if they take off the cosignerso they will not just remove them just be cause you want them to. It has to be refinanced to accomplish it.
2007-02-12 17:43:59 · answer #2 · answered by eiplanner 3 · 0⤊ 0⤋
Yes, my mother in law years ago cosigned on my wifes car and the only way to get her name off the car is either to refinance or to pay it off.
2007-02-12 18:05:44 · answer #3 · answered by nickhawkins21 3 · 1⤊ 0⤋
Yes, but only after a long history of making payments on time.
2007-02-12 17:43:17 · answer #4 · answered by Dick G 2 · 0⤊ 0⤋
They will need to sign off of your title and you will have to be able to qualify for the loan by yourself.
2007-02-12 17:41:55 · answer #5 · answered by gnomes31 5 · 0⤊ 0⤋
you have to refinance the loan in the other persons name
2007-02-12 18:30:32 · answer #6 · answered by Anonymous · 0⤊ 0⤋
when loan is re-done.
2007-02-12 17:36:56 · answer #7 · answered by cork 7 · 0⤊ 0⤋