Legal Question in Credit and Debt Law in Louisiana

I have a co-loan with another person. The movable is titled to that other person only. The other person has been paying the note on the movable all along. Now my circumstances have changed and I can no longer afford or rist being on this loan for this person. Can I get out of this loan? If so, how?


Asked on 6/10/10, 10:48 am

1 Answer from Attorneys
Adam Lambert The Law Office of Adam S. Lambert

Not unless the other party can refinance and pay off the original loan. You can't force the lender to let you "out".

You should never co-sign a loan for anyone except a very close family member and even then it is not really a great idea. Co-signing a loan makes you 100% responsible for the loan, regardless of whose name the property is in.

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Answered on 6/11/10, 12:13 pm


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