Question by  TeacherSarah (34)

How can I stop being a cosigner?

I cosigned on a relative's loan and now I want out.


Answer by  Aubrey (356)

Unfortunately you cannot back out on what you have co-signed. When you signed the agreement, you deemed you would be responsible for that loan. If the relative you co-signed for is eligible, you may be able to transfer the loan into their name, but that would be entirely up to the company you signed with.


Answer by  Darry (3853)

The only way to get out of the loan is to have your relative renegotiate the mortgage without your name. Otherwise you will be on the loan until it is completed, i. e. until the loan has been payed in full. You may be able to sue to have your name removed if your relative has violated the agreement's terms.


Answer by  patti (29325)

The only way out of the contract is to have your relative re-finance and use the funds to pay off the original note, thus terminating your responsibility. Since your relative could not get the loan on his own, it was approved because of your involvement. Until it is paid in full, you are involved.


Answer by  MSH (305)

you would have to get the person to refinance the loan to take you off the loan. generally the banks wont let you get off the loan

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