Legal Question in Credit and Debt Law in Florida
co-signer
I co-signed a student loan for a friend. Now she is not paying it. There is a way I can release myself from being the co-signer?
Thank you
2 Answers from Attorneys
Re: co-signer
No, that's the point in being a co-signer. If the borrower doesn't pay, they can come after you.
Re: co-signer
The only way to get out of being financially liable is to get the lender to consent to releasing you. Good luck with that since the loan is already in default.
It is important to realize that "co-signing" that loan for a friend means that you will be jointly and severally liable for that debt. That means that the lender will pursue you for payment. The lender does not even have any obligation to collect against the other person first. I have many consultations with people who have co-signed loans and do not understand what they have just done. You are not just giving a character reference when you co-sign a loan. You are saying to the lender, "don't worry about repayment, I make sure you get paid, even if I have to pay it myself."
Unfortunately, you are now learning this the hard way. To learn more about your rights as a debtor, visit our website at www.LaBellaLaw.com.
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