Trulia Houst…, Other/Just Looking in Houston, TX

Can a cosigner have their name taken off a debt?

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

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John Juarez’s answer
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
BEST ANSWER
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
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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