If you think that co-signing a loan for your friend is not a good idea, then don’t panic as you can remove your name from the Loan Agreement without experiencing co-signer’s regret. You need to take the following steps.
- There are some loans that allow removing the co-signer’s obligations after a specific number of consecutive timely payments. So, if you are a co-signer for such loans you can easily remove the name from the agreement after certain successful payments
- The other option is to have other borrowers to refinance the co-signed loan into their own name. To qualify for such an option, the borrower needs to have a good credit history, sufficient income to make the monthly repayments and more. The qualified borrower can make use of any consolidation loan to repay the loan that you have co-signed.
- If you are the co-signer of a loan and the other person is not making the monthly repayments timely, you may sell out the asset and make the monthly repayments for the loan and remove your name from the agreement. But, your name must be on the titles so that you can sell the asset to someone else without complications.