I tried to assist someone after hurricane Katrina.....
2007-05-22 13:12:00 · 4 answers · asked by Anonymous in Business & Finance ➔ Careers & Employment ➔ Law & Legal
They would have to apply for a new loan in their name alone and re-finance it without you on as cosigner.
If they refuse, all you can do is appeal to the lender to let you off the papers and see what procedure they have in place. If the loan to value ratio is sufficient and the payments have been on time they might let you off the hook.
2007-05-22 13:24:57 · answer #1 · answered by Anonymous · 1⤊ 1⤋
That was a nice gesture however unless they refinance in their own name your name stays until the debt is paid in full. Until that time, you are liable if they default and if that car is in their name the only thing you get is the payment, not the equity in the vehicle. Unless they repay or refinance, you have technically bought them a very nice gift.
2007-05-22 20:23:21 · answer #2 · answered by Anonymous · 3⤊ 0⤋
You don't, unless the loan is paid off. Cosigning means taking responsibility for the loan if the main borrower doesn't pay it.
2007-05-22 21:26:39 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
they need to refinance it is the only way good luck
2007-05-22 21:30:28 · answer #4 · answered by goz1111 7 · 3⤊ 0⤋