co-signer

Hi,

It is difficult to remove cosigners from any loan as they have equal responsibility towards the payments. But in your case, if the student has already left college and there is no trace of her, then you need to talk to your lender who may agree to take her name off the loan.

Thanks,

Sara.

Hi Lobrien,

You always keep in mind that if you co-sign a student loan, then it will reflect on your credit report until unless the person has continuously late payments or default. And as a result your debt-to-income ratio will get high.

Generally, it is difficult to remove yourself as a cosigner from any loan. But if you are the cosigner of a satisfactorily paid loan then you can request to remove your name as a cosigner to your lender. Your lender will then report it to credit agencies.

Thanks

does this information relate to a mortgage as well. the mortgage is being paid on time but i want to be removed as the cosigner

hi lisa,

welcome to this forum.

you say that you are a co-signer of a mortgage. so is your name on the title too?

your other co-signer can refinance and remove your name from the mortgage. he can also assume the mortgage in his name. that is called mortgage assumption. but for that you need to take the lender's consent.

if your name is on the title, you can quitclaim your share of property to your co-signer as he is assuming or refinancing your mortgage to his name.

feel free to ask if you have any further questions.

thanks,
larry

Not really, especially if there is a chance that the original borrower wont pay.
The reason why a cosighner was needed in the first place is to make sure the loan was repaid.
So now you will need to either convince the borrower to keep paying on time or to repay the loan yourself.

I co-signed on a refinance for my parents about 4 years ago, and they have had a hard time paying. And now that I want to move out and get my own appt. I'm not able to because my credit is so bad because they didn't or were late on quite a few payments. Can I remove my name as a co-signer?

thank you, eugene, for bringing some reality to the discussion.

no lender with any sense is going to remove a cosigner simply because the cosigner decides it is not appropriate to be in that position any longer. especially in a situation where the primary borrower has defaulted, or is continually late, lenders are going to be happy to call upon a cosigner to make the payments.

Is it possible to go to court and have your name removed from a student loan? My son has left the country for a period of 2 years. I am going to try to get a forbearance on that loan for this time. If the borrower has not in good faith kept up with payments this reflects on my credit and I would like to be removed from this loan. What do you think?

Joann,

No, there is no chance you will get your name removed. The bank obviously did not believe your son could repay them on his own which is why you had to co-sign. When you co-signed, you put your trust in your son and took on the debt yourself. YOU are also the borrower here.

If you want to protect your credit, then you should make the payments on time and go after your son for reimbursement.

Hi

I agree with Eric. As a co-borrower you are equally responsible for the loan. When you signed as a co-borrower you actually promised to pay off the loan if your son defaults.

people who cosign obviously must close their eyes prior to doing so. otherwise, they might actually get it - that they are obligated to make payments regardless of a primary borrower's situation.


joann this is as much your loan as it is your sons.