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I'm sorry to hear about your situation. When you say that you "mistakenly" signed one, do you mean that (a) it was ill advised, or (b) you were tricked into signing it, believing it to be something entirely different?
mistakenly because i beveled that there was a future with this person
But it was not due to fraud or deceit; rather things just did not work out with her, correct?
no fraud other than her letting believe everything was great in the relationship
until she just disappeared and is only recently contacting me again to retrieve some personal item she left
unfortunately, this situation is far too common. Cosigner liability is a question that I get asked on a weekly basis, as individuals who cosigned loans later on realize that the individual that they cosigned for is either defaulting on an agreement, or the underlying relationship breaks down, and the cosigner realizes that he or she may have liability in the future. The whole point of cosigning is usually so that someone will get approved for a loan. It is a specific agreement to the lender or other creditor that you will pay if she doesn't.
assuming that there was no fraud in this situation, the only way that you could get out of this agreement is if the creditor voluntarily lets you out (this is called a "release").
now if she does not pay on this agreement, you would have a claim against or for any payment that you would have to make as well as any impact that it would have on your credit score or credit report. The fact that you signed an agreement as a cosigner, without any insinuation of fraud, then it would be almost impossible to get that rescinded.
If I were you I would contact the lender and ask what needs to be done to be released as a cosigner to the agreement, letting them knowthat the relationship has broken down and that you're no longer together.
all i know is the lender i dont have the loan number because she took the paperwork when she lft
understand that they have no legal obligation to release you. Often they will in certain situations, such as if the individual currently has good credit, good payment history, etc. but there is no obligation or way to get out of this ( except in the situation of you declaring bankruptcy)...
You can still contact the lender, letting them know that you don't have the loan number. They can look it up.
i cant sue her and make her refinance right?
so that way im removed
You could sue her, But until she has defaulted on the loan itself, the case would not yet be "ripe". What that means is that there is no current case or controversy. This is something that a court would have to have in order to have jurisdiction over the case. It's not going to look at potential harm, but only restitution for actual harm.
(so that would mean that you would not win)
You could threaten her with a lawsuit (in effect, bluffing) hopefully to get her to refinance.
But if you were to actually sue, without her defaulting, there would not yet be a case for a court to handle.
ok how do i find out if she defaults ? i
Contact the lender, and let them know your contact information (if they don't release you from the loan).
They don't want to take it to court or get a collection agency involved unless they have to, so they will contact you first if they have your contact information,.
I wish I could tell that there was some way to get you removed as the cosigner from this agreement, but if there was such a legal procedure, that would pretty much nullify the whole rationale for lenders having cosigners.
I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!
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sorry walked away from the machine im rating it now