Back in Aug 2012 I cosigned for a loan with my ex due to him having awful credit. The loan amount is for $6,000. I owe nothing to him, he is always late on his payments an I have asked him numerous times if he would go and try to refinance it in his name. I'm tying to get approval for a mortgage and this is dragging me down. I was told by a banker that I could get my name off the loan if he uses checks in his name to make the monthly payments, he doesn't use checks though, used cash. What is my next step? I need this stupid mistake out of my name.
1 Answer from Attorneys
If you are looking to the banker for legal advice, you have even more problems. YOU COSIGNED A LOAN! Lenders won't let you off the hook unless the loan is paid in full, or you negotiate a partial payoff for a release. For this kind of loan you are likely stuck. The thing you MAY wish to consider is paying off the loan yourself, getting the lender to give you a good mark (and document) to undo any damage to your credit score (also unlikely), and suing your ex- for contribution. What's more important - getting a mortgage I would think.
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