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Can a cosigner have their name taken off a debt?

Asked by Trulia Houston, Houston, TX Wed Dec 5, 2012

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Keep in mind the following information is my opinion and you should consult an expert in the field.

From my understanding, the only way to remove a cosigners name is either by paying off the loan or have the primary party refinance the loan in their name only. Unless it is a credit card. In this case, you would have to close the account.


I hope this helps!
0 votes Thank Flag Link Wed Dec 5, 2012
No.

What would be the value of a co-signer if they could later remove their name and absolve themselves of the liability that they took on?

Warning! Think twice before co-signing for someone else’s debt. The co-signer is equally liable for the repayment of the debt as long as the debt is outstanding. The co-signer is basically saying, “If the principal borrower does not pay, I will!”
1 vote Thank Flag Link Fri Dec 7, 2012
If the debt is not a mortgage, a borrower can request the lender to remove a cosigner. It is unlikely that they would appove this as it is not in the best interest of the lender, but is possible.
0 votes Thank Flag Link Tue Mar 26, 2013
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