Legal Question in Credit and Debt Law in California
Cosigning of Loans
I cosigned for a student loan and now I would like to be released. The person I cosigned for has refused to release me but is credit worthy and has the available income can I sue her to release me?
2 Answers from Attorneys
Re: Cosigning of Loans
It's not your friend but only the lender who can release you. Speak with the lender.
Re: Cosigning of Loans
Your friend cannot release you from the loan. That can only be done by the lender and the lender is under no legal obligation to release you.
You may have meant to ask if you could legally force the borrower to refinance the loan to get your name off the loan. Did you have a written or verbal agreement that this would occur after a certain period of time? If so, you might have legal grounds to sue for breach of contract. However, you would need a local attorney to review the written agreement (if any) to advise you further.
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