Legal Question in Banking Law in Massachusetts

Loan Cosigner

I cosigned a loan with sovereign bank for a significant other. They have turned out to be an alcoholic and drug addict. I have a restraining order on them and have since not had any contact what so ever. I would like to know if there is any way to get out of this loan legally. Whether it be through court or just a simple phone call.


Asked on 4/18/08, 4:31 pm

1 Answer from Attorneys

Re: Loan Cosigner

Unless the lender agrees to release you from the loan, you are "on the hook" financially until the loan is paid off. Co-signing a loan is pledging that you will repay the loan if the other party does not, and the lender issues the loan to one or both of the co-signing parties based on that surety. Generally, banks will not allow people to co-sign for a loan and then release them from the obligation to repay the loan because they are no longer affiliated with the person for whom they pledged financial surety.

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Answered on 4/18/08, 5:03 pm


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