Is there any way to get out of a cosigned loan?

some how I made the mistake of helping my exwife on a loan by cosigning last year. she has since not made 2 payments on that loan and now I have that bank harrassing me at my job and home for all the payments and interest. I live pay check to pay check as it is and at a loss what I should do

Is there any way to get out of a cosigned loan?

Unfortunately, the answer is probably %26quot;no%26quot;.

I'm guessing, from the little information that you have provided, that the lender would not have agreed to lend money to your ex-wife if you had not cosigned. That means what it sounds like it means - the lender anticipated the possibility that your ex would not pay, but accepted your guarantee to %26quot;make good%26quot; if that wound up happening.

Now that your ex has stopped paying on the loan, why would the lender agree to let you off the hook now, when you may be the only chance they have of getting their loan repaid?

You won't like this, but I'm going to be real honest with you. The lender is a PROFESSIONAL evaluator of credit-worthiness, or, in otherwords, knowledgeable and experienced at analyzing the probability that a lender will eventually repay.

ANY TIME a lender requires a cosigner on a note, they're saying 'In our professional opinion, based on our years of experience making exactly this type of loan, Borrower One is a poor risk to repay. Now, if he/she can find some sucker with better credit who is willing to take the fall when we're proven correct, well, then we just might make the loan.%26quot;

Who in their right mind would take the lender up on this dare?

When you cosigned the loan, you signed a legal contract that obligated you to repay the debt if the original borrower defaulted on her obligation. Asking if you can now walk away from that promise is exactly akin to asking %26quot;Can the original borrower legally refuse to pay back the lender?%26quot; As far as the law is concerned, you are exactly equivalent to the original borrower in this scenario.

I'm sorry that I couldn't offer you a more pleasant answer, but the law is what it is. Never accept the sucker's bet of cosigning a loan. By even requesting a cosigner, the lender has already warned you that it's a bad, bad idea.

Is there any way to get out of a cosigned loan?

You have to close the loan to get your name off of it.

Is there any way to get out of a cosigned loan?

You need to make her refinance with some other idiot to co-sign and get you off the loan.

Probably won't happen if she's already missing payments because no one will give her a loan on her own.

Is there any way to get out of a cosigned loan?

SUICIDE

Is there any way to get out of a cosigned loan?

Well, I'm sure they won't let you rescind the co-signer status now...this is exactly why she needed a co-signer, the bank didn't trust she would pay. If I were you, I'd contact the bank and try to negotiate terms with them. Also, you might want to try and sue your ex for the money you'll be out. Sorry I can't recommend anything more positive.

Is there any way to get out of a cosigned loan?

Their is no way of getting out of the loan responsibility unless you can talk her into getting a new loan than pay and close the old loan off, getting you off the hook. Doesn't sound as if she is to responsible, so she probably wouldn't qualify. Could you talk her into getting a new one with maybe her parents cosigning for her, thereby closing your loan out? Hope something works out for you!

Is there any way to get out of a cosigned loan?

Three options

1) (which doesn't sound realistic for you) is to pay off the loan

2) Refinance the loan in her name alone.

3) If this is based on collateral (auto or home) you can call the bank and volunteer to turn it into them.

That's all you can really do. Good luck :o(

Is there any way to get out of a cosigned loan?

Short of bankruptcy or skipping out on the debt I don't think there's any way out of it.

Is there any way to get out of a cosigned loan?

it has to be either paid off or refinanced with out your information. when you signed the documents for the loan, you were also agreeing to pay with your ex-wife. You can pay and then take her to court to try to get her to pay.

Is there any way to get out of a cosigned loan?

Since you are co-signer, you are responsible for the payment of the loan regardless if the other party pays on it or not.

You could try to take out a loan perhaps with a lower rate and pay the co-signed one off in full...although you'd then be stuck with a new loan in your name only...

Or perhaps she could find someone else to refinance the loan with her (another family member perhaps) start that loan all over again with a new party, that would get you off that loan.

If it is a secured loan (vehicle etc) as a co-signer I believe you have the right to sell the item and pay the loan off with the proceeds since the other party is not making payments, but you would have to check with your state laws regarding that.

Hope this helps some.

Is there any way to get out of a cosigned loan?

Was she the EX when you co-signed? If so what were you thinking, if not it should have been settled in any court proceedings. If it was after the fact, it is up to you to either get her to find another co-signer, pay the debt as it will reflect on your credit, or sue her for non-payment. You are responsible for the payments she is missing, that is part of being a co-signer.

Is there any way to get out of a cosigned loan?

You will need to re-finance the loan and get someone else to co-sign which, I doubt will happen. She has shown that she is not responsible and has now further ruined her credit worthiness and is working on doing the same to your credit history.

Since you can't make the payments and you are being harassed it sounds like you are the primary on the account. If the loan was for an auto or furniture tell the creditor to repossess ... maybe it will be the jolt to reality your ex-wife needs to wake up.

Good luck to you.

Is there any way to get out of a cosigned loan?

Nope.