Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

How can i get my name removed from my fathers debt when I'm the cosigner?

I cosigned for my dad to get a line of credit so he could get some major dental work done,not knowing the size of the debt until I went to refinance my house and it showed this huge debt on my credit he has been late a couple of times and its killing my credit and my ability to my moves in my life. What can I do to remove my name?

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  • DAS
    Lv 6
    1 decade ago
    Best Answer

    No way, because you are the legally responsible, so you can talk to your dad, but since he is already delinquent, you already know that something is wrong, so just pay off the debt unless he is willing to give you the money to pay it off. If not do it yourself, and talk to the creditor, and tell them you are now responsible for the debt, and can they take the negative informatin off. They may do it. Getting that negative information off of your account will be a big help. Until you pay this off you will not be able to take him off until it paid. Never co-sign again, never.

  • 1 decade ago

    You will not be able to remove your name from the debt. I discovered this several years ago when I cosigned for my sister to buy a car. She paid her down payment, then never sent in even one payment for the car. I found out when I started receiving collection calls. At this point, there were already late pays on my credit report. Ultimately, the car was repossed, which also hit my credit report. This issue seriously affected my ability to purchase a house. Fortunately, I was able to write a letter to the mortgager, explaining the situation and I was able to demonstrate that in the past, I had no blemises to my credit. Still, I was financed at a higher rate.

  • 1 decade ago

    Personally, with it being a revolving line of credit, I would take out a separate loan, pay it off, close the line of credit, and then tell daddy to repay me. That way he can't charge it up again.

    You could possibly consider small claims court to recoup it...

  • 1 decade ago

    Pay the debt off for you father or talk to him about getting another loan to pay it off. Until the loan is paid you are on the hook.

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  • kimba
    Lv 5
    1 decade ago

    can't be done sorry- the debt needs to be paid if not by daddy- then by you.

    Have the bills mailed to you and not your father and YOU tell him he's to pay you . Might get it paid faster and ontime. Just a thought.

  • SDD
    Lv 7
    1 decade ago

    Pay off the debt.

  • Anonymous
    1 decade ago

    You signed it and your stuck with it. You're the strength of the loan, they aren't going to release you without something in return.

  • 1 decade ago

    You're not going to like this answer.

    Pay it off - that's it.

    You made a legal agreement to pay for this if he can't - you're bound to the agreement.

  • wizjp
    Lv 7
    1 decade ago

    Ask the lender; or re-fi it. Odds are it won't happen

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