QUESTION
How do I get my name off of a student loan as a cosigner?
Asked on Oct 01st, 2012 on Bankruptcy - New Jersey
More details to this question:
I signed on as a cosigner for a relative's student loan. However, after 5 years, he hasn't paid off the $20,000 dollars he loaned. He has done nothing to ease the situation.
6 ANSWERS
Dennis P. Mikko
Short of the loan being paid in full, there is no way for you to get your name off the loan. The lender can look to you for payment if the relative fails to pay. The lesson here is, if the relative's credit is too poor to get a loan, don't co-sign.
Answered on Oct 04th, 2012 at 10:48 AM
Criminal Defense Attorney serving Providence, RI
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The Law Office of Susan Pires
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You are equally responsible for the debt. A bankruptcy discharge is your only remedy.
Answered on Oct 04th, 2012 at 12:41 AM
Family Attorney serving Henderson, NV
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Harris, Yug & Ohlinger
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It is almost impossible, short of bankruptcy, to get yourself off a defaulted loan as co-signor. That was the point: that you guaranteed payment in the case of default. A co-signor is only required with loans with high risk of default.
Answered on Oct 04th, 2012 at 12:18 AM
The only guaranteed way to get your name off the loan is to pay it off yourself. When you "co-signed" the loan, you promised to pay the whole debt. Your dead beat relative had a poor credit rating.. that is why the student loan was not approved until YOU promised to pay.
Answered on Oct 03rd, 2012 at 1:01 AM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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Pay off the loan.
Answered on Oct 03rd, 2012 at 12:53 AM
Real Estate Attorney serving Williamstown, NJ
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Law Offices of Slotnick & Schwartz
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You cannot get your name removed. You were added in case something like this happened. Co-signing means that if the other person does not pay you guarantee to be responsible. If they come after you, you will have to sue the student.
Answered on Oct 03rd, 2012 at 12:50 AM