QUESTION
Can I sue to remove myself as a Co-borrower on a loan?
Asked on Jun 26th, 2020 on Civil Litigation - Michigan
More details to this question:
I cosigned a loan with a friend who is no longer a friend and I want off the loan. He has the proper credit score to refinance the loan but is making dangerous choices driving the vehicle(intoxicated), refusing to refinance, and is no longer communicating with me. I would like to start off with a warning to possibly convince him to remove me from the loan voluntarily, but I'm willing to sue in court to remove myself. I have already removed insurance coverage from under my account to prevent a insurance claim.
1 ANSWER
You can’t remove yourself without the lender’s consent. You may have co-signed to help your friend, but you obligated yourself to the lender, which has no reason to relieve you of your obligation. If you had an agreement with your ex-friend that he would refinance when he could, or whenever you asked, then maybe you could force him to refinance, but I assume your agreement to co-sign had no such out.
Answered on Jun 28th, 2020 at 12:40 PM