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legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 10259
Experience:  Just Answer consultant at Self employed
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I was a cosigner for a friend; signed the lease for her and

Customer Question

I was a cosigner for a friend; signed the lease for her and everything and then thought about it and decided that it probably wasn't a good idea. Is there anyway I can break that contract? I understand there may be a financial responsibility for doing so but I no longer want to be on the lease and I am not sure what my options are.
JA: Because laws vary from place to place, can you tell me what state the property is in?
Customer: Kansas
JA: Has any paperwork been filed?
Customer: Paperwork to get me off the lease?
JA: Anything else you want the lawyer to know before I connect you?
Customer: I don't think so.
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  legalgems replied 4 months ago.

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

Expert:  legalgems replied 4 months ago.

I am sorry to hear that you are in this position; unfortunately once a person signs on a loan, they are committed under the terms of that contract.

It is possible to ask the other party to release the co-signer from their obligation but they will normally only do so if they are able to secure a third party as a co-signer, or unless the individual's financial circumstances have changed so that a cosigner is no longer required.

But legally one cannot unilaterally withdraw as cosigner unfortunately.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.