Maybe funds can be used from the asset division during the divorce
ThePessimist
Ancient Member
posted: Oct. 7, 2009 @ 7:58p
Does you sister have any responsibility for the loan? If so, maybe you can get her to insist he pay it off as part of the divorce settlement. Otherwise, you're likely out of luck. If he leaves the country, get ready to pay for him.
a) obtain time machine b) use it to travel back to date you co-signed for the loan minus one day c) make a better choice
ziffy
Broke Member
posted: Oct. 7, 2009 @ 8:37p
Depending on the term of the private loan. Some allows co-signer release after 36-48 on time payments. If I were you I would try to find $$$ to pay off that loan since you're on the hook.
If you are still on good terms with him, you could ask him to refinance/consolidate the loan alone or with someone else as the co-signer. (Private) Student loan consolidations usually don't have a fee if his credit is good enough and he uses a new bank. This is probably your one and only choice in being removed as a co-signer.
This is assuming that you co-signed because his credit was too new and not because his credit was simply bad. I would do this before the divorce is finalized and his assets (if any) are still on hold for the divorce. Once that's over with, he could simply take his half and leave you holding the loan.
BTW, why do we have so many of these co-signer posts? People need to understand that the whole point of being a co-signer is that you are a GUARANTEE that the loan will be paid. If you can be removed from the loan so easily, the bank wouldn't go through the hassle of requiring a co-signer.
captainwho
Senior Member
posted: Oct. 8, 2009 @ 8:39a
nctx said: What should I do to make sure that I am no longer responsible, no longer the co-signer on the student loan? Pay off the loan?
There is nothing you can do about it, just hope that the person pays the loan- otherwise your credit is going to take a hit- if he does not pay it back and then it falls on you
PoisnBGood said: If you are still on good terms with him, you could ask him to refinance/consolidate the loan alone or with someone else as the co-signer. (Private) Student loan consolidations usually don't have a fee if his credit is good enough and he uses a new bank. This is probably your one and only choice in being removed as a co-signer.
This is assuming that you co-signed because his credit was too new and not because his credit was simply bad. I would do this before the divorce is finalized and his assets (if any) are still on hold for the divorce. Once that's over with, he could simply take his half and leave you holding the loan.
BTW, why do we have so many of these co-signer posts? People need to understand that the whole point of being a co-signer is that you are a GUARANTEE that the loan will be paid. If you can be removed from the loan so easily, the bank wouldn't go through the hassle of requiring a co-signer.
This is the best advise. Have him to refinance himself or with one of his relatives. You need to get clear of this as soon as possible. I have a relative that financed a car for daughter-in-law. When she left his son he had her to get it refinanced.
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