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 elseâ€™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, â€œIf the principal borrower does not pay, I will!â€
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!