Need Legal Advice/Options Please

[tj04cobra]

How would one go about getting their co signed name off of a student loan? I understand that one way you can do it is to have the loan refinanced and don't co sign the refinance.

But are there any other options if the primary person on the loan refuses to go that route?

Primary person stops making payments even tho they can afford them and now the co signer is stuck with payments.

Edit: I cut the long ass scenario out, I understand the role of a consigner, but are there any other options?

 

[mustanginky]

well, first and foremost the reason someone would cosign is if the main signee does not pay the loans it has someone else to fall back on. and for two, this has nothing to do with law enforcement.

sorry if i'm coming off like a jerk, but sounds like if he did not think he could have afforded to repay the loans he should not have signed off on them. afraid there isn't much he can do. feel bad for people who get screwed over on stuff like this. only advice i can really give is don't cosign for anyone.

 

[tj04cobra]

well, first and foremost the reason someone would cosign is if the main signee does not pay the loans it has someone else to fall back on. and for two, this has nothing to do with law enforcement.

sorry if i'm coming off like a jerk, but sounds like if he did not think he could have afforded to repay the loans he should not have signed off on them. afraid there isn't much he can do. feel bad for people who get screwed over on stuff like this. only advice i can really give is don't cosign for anyone.

Na you aren't coming off like a jerk. I didn't know whether to post something like this in roadside or here. Yes I understand the reason why you co-sign is to be the fall back. But I am just wondering if there is anything that can be done.

 

[mustanginky]

doubtful, he signed himself up for repayment when he co-signed. hopefully that little shit gets hers in life at some point, and believe me, that stuff comes back around at some point.

 

[tj04cobra]

Yeah I understand he did, nobody ever thinks they are going to get shit on by a family member. So they sign away!

 

[slider701]

As the co-signer you are responsible for the loan. But you may be able to sue the guy you co-signed for if you can prove that he is truly able to pay the loan but just chooses not to.

 

[svtcop]

As the co-signer you are responsible for the loan. But you may be able to sue the guy you co-signed for if you can prove that he is truly able to pay the loan but just chooses not to.

You may be able to go that route. Wouldn't hurt to talk to an attorney about it. :shrug:

 

[prototypepariah]

Good luck, sounds like a really really really bad situation to be in. Logic would seem if someone is the primary, and can be shown to be financially able to pay, they would have to.

I'd love to hear how the conversation with an attorney goes. Keep us updated!

 

[COBRA_ESQ]

Really is a simple question.

1) Bank will not let anyone off the hook unless the loan is paid.
2) If borrower does not pay, co-signer must pay the loan.
3) If borrower will not pay co-signer, co-signer may sue borrower.

I see no other options.

 

[FordSVTFan]

Really is a simple question.

1) Bank will not let anyone off the hook unless the loan is paid.
2) If borrower does not pay, co-signer must pay the loan.
3) If borrower will not pay co-signer, co-signer may sue borrower.

I see no other options.

That's it in a nutshell.

That is why I don't co-sign anything for anyone, not a loan, lease, utilities, nothing, nada! Also, I only loan people money that I am willing to never get back.

Good luck.

 

[s_x_i]

I only loan people money that I am willing to never get back.

This ^^ Don't ever expect to get back money you lend to a friend. Treat is as money you just spent, and see it as a nice surprise if you ever get it back... :nonono:

Sorry about your situation OP - never sign surety for another. oke:

 

[Stanley]

That goes for family too.