co-signer wants to get out

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.

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.

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.

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?

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.

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.

my step daughter and my wife pleaded for me to sign a sallie mea student loan as a cosigner. after avoiding it for some time i did sign it. 6months later the step daughter was horrassing me for another. i refused to do it. she then let the original loan default. six months had passed before i knew. i am stuck with a 54,000.00 dallar loan. 497.98 a month for 30 years. how can i get out of this mess.

sallie mea says after 24 payment on time they will release me as cosigner. anyone now if this is true?

Hi Guest,

As a co-signer, you do not have any option to get out of the loan. You are as much responsible for the loan as the main borrower. It's a pretty bad situation you are stuck in. As far as the release from the debt liability is concerned, I have not heard of any such thing which says the co-signer will be released if he makes 24 payments on time. But in case they do offer any such condition, you must ask them to give it to you in writing.

The bank holds the co-signer just as liable as the primary borrower. If you were needed to co-sign the loan so your friend can get approved, the bank is counting on your income stream to help make the payments.

Thats really interesting. I have nto seen any one gettign relased from the loan after 24 months as a co-singer.

You will be on the loan until it is paid off and you are equally responsible