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New Jersey debt/lending agreement law, can a co-signor to a student loan request to be taken off the loan
Trenton, NJ
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Posted about 1 year ago in Debt / Lending Agreements
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Student loan:
I cosigned a student loan - what rights do I have? Can I legally request that my name be taken off?
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I cosigned a student loan. The student couldn't finish school so she joined the Army to complete her education. Is it legal for the Loan Company to expect payment from her while she is serving our country or do I have to pay for her? I am located in Westerville Ohio. Answers (2)
Gabriel Cheong
This attorney is licensed in Massachusetts.
Posted about 1 year ago.
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Note that I am not licensed to practice in your state.
Once you co-sign on a loan, you are equally liable for the balance due on that loan. Unless the lender allows you to (which is not likely), you cannot get off that loan and you will have to pay it if the primary signer does not pay. 
Margery Ellen Golant
This attorney is licensed in Florida and 1 other state.
Posted about 1 year ago.
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While I do not practice in your state, in the states where I practice there would be no basis to do this. If you were required as a co-signer, it would appear that the lender did not think it had sufficient recourse against the primary borrower. As far as I am aware, there is no law that forces lenders to make loans if they do not feel they have sufficient recourse.
To be certain, you should consult a local attorney. |
