RunningUte
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In all probability she will need to refinance the loan to get you off. Once a lender has a liable party they aren't eager to let them off.
Bummer. Trying to do the right thing and help sometimes turns around to bite you in the back. |
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kja63
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You cannot remove your name from the debt until the debt is repaid!
Your niece will have to refinance her debt on her own with another creditor, or else you will have to pay off your niece's debt yourself.
Hopefully, you've learned your lesson. |
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SPIFIMAN1
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Well everyone told you the same thing and they are right.
The only way to remove your name is for your Niece to refinance the current loan either in her name only or with another co-signer. |
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Vbonics
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There's not much you can do other than wait for the debt to be paid off. That's one of the issues with being a co-signer. If they don't pay they take you down with them. I would talk to her about what you did for her, and the importance of making the payments on time. If she can't or won't start making payments on time, pay the debt yourself and reclaim the money from her in civil court. Good luck! |
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mscarriem
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she needs to find a new loan. |
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Elana
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Ultimately, the credit organization won't let you remove the name without either entirely paying off the loan or finding another ... BETTER ... person to substitute it with.
I suggest that you tell your niece that she is a bad credit risk and that you are looking for a way of removing yourself from this transaction. The news itself might be the kick in the butt she needs. |
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turtlemaster
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your trapped till it is paid in full. Sorry.. or take her to court |
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chris r
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sorry, but you signed a contract. you are there, and i'm afraid you commited yourself. all you can do is to pay it off yourself to get out of the deal. also, if she stops paying for it period, the entire burden is yours. |
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Gypzee
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Yep, You answered your own question, Just call her and tell her that her not paying the debt on time is hurting your credit and she has one week to find someone else to take your place. If she doesn't do it, There is really nothing you can do about it but you don't have to let her know that. Good Luck. |
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bushmaster19772002
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She would need to pay off the loan. Basically she can take out another loan to pay this one off. Unfortunately there you can not be removed as a co-signer. |
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wizjp
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She needs to pay off the current loan.
Period |
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Knowitall
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if she has been paying for two years she should be able to get a loan herself.
i am going through the sme thing with my son and I have to make him make the payment as soon as he gets paid. I am going to get him a loan myself and get it out of my name ASAP. |
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Ask M
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since she is falling behind she won't get a loan in her name,
she needs another co-signer. |
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confused
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You are stuck with this at the moment.
Best bet is to try and make your niece refinance the loan. It could be as simple as putting it onto her credit card, provided she has any credit cards, as a balance transfer (with those check the credit card companies are always sending around).
Unfortunately your niece is hurting her own credit as well as yours, so it might be hard for her to refi her loan.
You need to have a heart to heart with this gal. Motto of story: never cosign anything unless you are willing to take over the payments in the future! |
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Sunflower25
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She will need to find a new loan and use that loan to pay off the current loan with you so you are no longer responsible (that is if she can find another co-signer for the new loan as it sounds like she is not too responsible when it comes to payment).
Unfortunately, the problem with co-signing is that your credit is effected by any late or non-payments. This is why it is SO important to thoroughly consider becoming a co-signer for anyone. For the most part it's a bad idea, unless it's your own child and you trust them completely. But rule of thumb do not become a co-signer, once you sign the dotted line it’s as if YOU are taking out a loan.
Good luck! |
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Feeling Mutual
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The only way is to have her refinance the debt on her own. |
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OGB
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Just had this question come up on one of my deals. I deal with real estate in the millions and people always have GREAT stories why they need my financial help.
After reading over your statement above, I think there are several things you can do or help her do.
#1. She can refinance the amount due and that would release you from the loan.
#2. Contact the lender and see what their rules are regarding being released from a loan as a co-signer.
#3. You can sue her for damages (your credit). The court may state you co-signed and that is your fault.
#4. Meet with her and find out what is going on.
Remember, if she does not pay....you can be sued....if you have more money than she does. They is why I do not co-sign.
I would meet with her and see if she has a job. If she does, I would suggest that she have the amount debited from her check. She may have a problem managing money. If she does not have a job, talk to her about the importance of one.
Also, if she has a bank account, tell her it can be debited from her checking/savings account.
Bottom line - refinance or work with her to get it debited from her account or job. After it is paid off, do not co-sign for anything else. There are a large amount of people that co-sign for things. It appears they get the "bad end of the stick"..if you know what I am saying.
Good luck. |
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Judy1
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You can't be taken off until the loan is paid. That's what cosigning means. If someone could just say "I don't want to be a cosigner any more", then having a cosigner wouldn't be of any use. Sorry, not the answer you wanted to hear, I know. But by cosigning you are basically guaranteeing that if the person doesn't pay the loan, then you will. That's for the whole loan, not just part of it. |
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bgee2001ca
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If I were you, I would seek legal council, you may have a valid reason to make this kind of request. |
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jack j
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well do a quitcalim deed ..or refinance
h3e0m0ic@yahoo.com |
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