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    milliplaster's Avatar
    milliplaster Posts: 3, Reputation: 1
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    #1

    Apr 13, 2011, 04:24 PM
    Can my Ex-Fianc's father replace me as a co-signer on her loans
    I was engages for the past couple of years, and during that time I co-signed a couple loans with my now ex-fiancé who does not have very good credit. Now that we're separated, I'm of course regretting this decision and wondering what my options are. I understand my obligation and I'm pretty sure she can't refinance. However, I'm wondering if her father can perhaps replace me on these loans, as I believe he's doing fine financially. I want to make sure this is even in the realm of possibility before I suggest it. It seems like it should be, but honestly I don't know. Thanks for any help or advice.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Apr 13, 2011, 04:33 PM

    Hello m:

    The bank won't do it unless the loan is refinanced.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Apr 13, 2011, 06:42 PM

    As excon said, its unlikely the lender will do it. But it doesn't hurt to ask. As long as they are replacing with a quality guarantor they might consider it.

    As an alternative, the father might enter into a contract with you to guarantee the loans if she defaults. Not sure why he would agree to it, but...
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Apr 13, 2011, 06:44 PM

    It is very unlikely the bank would do it. But you can ask,
    milliplaster's Avatar
    milliplaster Posts: 3, Reputation: 1
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    #5

    Apr 14, 2011, 12:10 PM
    Can my ex-fiance consolodates her debt, can I be removed as cosigner from some loans?
    I asked a similar question the other day, but now I'm exploring my other options. I was engages for the past couple of years, and during that time I co-signed a couple loans with my now ex-fiance who does not have very good credit. Now that we're separated, I'm of course regretting this decision and wondering what my options are. We're still on good terms with each other, and she's open to ideas for solving this problem.

    Earlier I asked if her father could take my place as a cosigner. It seems that that's unlikely. However, If she consolidated her debts with another loan, I believe I would be no longer liable, right? If they needed a cosigner, then couldn't her father cosign the new loan?

    Again, I'm just trying to figure out my options. Thanks for any advice.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #6

    Apr 14, 2011, 12:21 PM

    On a refinance the old loan is technically paid off and a new obligation is created. So any new refinance won't have you as a co-signer if she managed to pull it off.

    However... she likely won't do that, because right now if she doesn't pay... they WILL make you pay for it. And if her credit is bad, they might refuse to refinance it. Loans are a LOT harder to get today than they were a few years ago.

    Unfortunately its not an "OPTION" for you... because you have zero control over it. It's a possible scenario that can get you out of the obligation you now rightly recognize as having been a world class bad decision.
    milliplaster's Avatar
    milliplaster Posts: 3, Reputation: 1
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    #7

    Apr 14, 2011, 01:04 PM
    Comment on smoothy's post
    Well, as I mentioned, we're on good terms and we're trying to figure out ways to get me off the loans without messing her up too bad.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #8

    Apr 14, 2011, 04:27 PM

    First, I merged your threads. Please don't start multiple threads over the same issue. You can add followups using the Answer options at the bottom of the page (not Comments).

    As has been said, you have no control over this. IF she can get the debts refinanced, then the loans you are responsible for will be satisfied and your obligation ends.
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