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legalgems, Lawyer
Category: Legal
Satisfied Customers: 7084
Experience:  Just Answer consultant at Self employed
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In the yr 2006 - I cosigned two personal loans (now totaling

Customer Question

In the yr 2006 - I cosigned two personal loans (now totaling around $16,000) She also has federal student loans which she is paying on. I would like to be able to get a copay release on the $$ I signed for. She is a nurse and works two jobs. My total gross income totals app. $15,000. Out of which I need to provide a home, car etc. I am economically unable to pay off her dept.
Submitted: 6 months ago.
Category: Legal
Expert:  legalgems replied 6 months ago.
You mention you cosigned and would like to get a copay release; do you mean a cosignor release to release responsibility for the loans?
Customer: replied 6 months ago.
No. I only want MY name off her loans. I am not asking for loan forgiveness - just cosigner release
Expert:  legalgems replied 6 months ago.
Yes, thank you - I meant a cosigner release releasing the cosigner for liability. I could not find any statutory authority allowing a cosigner to demand a release; rather that is something that needs to be negotiated. Generally the lender will not allow for a release unless the borrower has made consecutive timely payments (the number of payments vary by lender). But unfortunately there is no way to compel a lender to allow for a release.
Customer: replied 6 months ago.

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