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What can I do to remove a loan that I co-signed on that has not been paid accordingly?

What can I do to remove a loan that I co-signed on that has not been paid accordingly?

Full question:

I co-signed a loan for a bike at HSBC/YAMAHA for my son-in-law in 2004, and now I find out he missed payment in 2004. Now in 2007 it has messed my credit score up bad. I cant get anyone to talk to me even though I co-signed. What can I do?

Category: Debts and Credit
Subcategory: Cosigning
Date: 04/07/2025
State: California

Answer:

Please see the information at the following links:

http://definitions.uslegal.com/c/credit-repair/

http://www.uslegalforms.com/us/US-01-HZ.htm

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

How do you get out of a cosigned loan?

Getting out of a cosigned loan can be challenging. The primary way is to ask the lender to release you from the obligation, which may require your co-borrower to refinance the loan in their name only. If the lender agrees, they will provide documentation to remove your name. Alternatively, you can negotiate with your co-borrower to pay off the loan early or make consistent payments to improve the situation. However, you remain legally responsible until the loan is paid off or you are officially released.

Can a cosigner get in trouble?

Yes, a cosigner can face legal trouble if the primary borrower defaults on the loan. As a cosigner, you are equally responsible for the debt, which means missed payments can harm your credit score and may lead to collections or legal action by the lender. It's essential to stay informed about the loan status and communicate with the borrower to avoid potential issues.

Does a cosigner have any legal rights?

A cosigner does have legal rights, including the right to be informed about the loan status and any missed payments. You can request payment history from the lender and dispute inaccuracies on your credit report. However, your rights may be limited compared to the primary borrower, as you are primarily responsible for the debt. It's advisable to communicate with the borrower and lender to protect your interests.