Particularly a student loan
2007-03-31 04:30:26 · 7 answers · asked by webjnke1 7 in Business & Finance ➔ Credit
Not unless you can get the consent of the other two parties.
2007-03-31 04:34:12 · answer #1 · answered by Always Right 7 · 0⤊ 0⤋
It is highly unlikely that a financial institution will let a co-signer "off the risk" and it would be impossible to get removed without the consent of the lender. Someone suggested that sending a registered letter notifying the lender that you are no longer a co-signer. This will not do it.
Think about it: The lender wanted a co-signer because the borrower was deemed to have insufficient credit to stand alone. The co-signer is generally required to have better credit than the borrower. Why would the lender want to increase its risk of default by removing a more substantial co-signer?
2007-03-31 12:08:05 · answer #2 · answered by Flyboy 6 · 0⤊ 0⤋
You could pay it off. This is an interesting question. From what little I have learned of business law you should be able, not so much with the consent of the other two parties, but by informing them. I suggest a registered letter to both the person you cosigned for and the bank which drafted the loan. Remember by doing this you could effect the terms of the original agreement for your friend; especially a student loan. They have so many ways to begin collecting early and might end up hounding you moreso than your friend. How bad is you friends credit that he requires a cosigner for a student loan?... i mean i got one
2007-03-31 11:46:15 · answer #3 · answered by Tim O 5 · 0⤊ 0⤋
It may be difficult, but you could get a letter drafted up to state you want your name taken off and that the original signer will assume all responsibilty. Have that notarized and signed by both you and the original signer.
2007-04-06 10:57:30 · answer #4 · answered by Pepper 6 · 0⤊ 0⤋
the person you co signed for, would have to have better credit, and refi the loan, without you as co signer.
2007-03-31 11:38:09 · answer #5 · answered by spiritwalker 6 · 0⤊ 0⤋
yea, pay it off. otherwise they are coming after you for anything that wasn't paid. my godfather did that for someone and the person that he helped renigged on the deal and left my goddad w/everything. he had to go to court and all that. they never did go after the other person they went straight for the co-signor. that's why you have to be very careful who you do things for.
2007-04-06 00:43:28 · answer #6 · answered by lisha w 1 · 1⤊ 0⤋
I don't think so. I suggest you contact the lender and ask, but usually you cannot.
2007-03-31 11:35:07 · answer #7 · answered by Jan C 7 · 0⤊ 0⤋