After our divorce, my ex ran up an existing line of credit at her bank that I was a co-signer on many years ago. How do I get my name off the loan?
Question Details: The line of credit had no balance at the time of the divorce so it was not an issue. After our divorce she ran it up to over $7,000 and she has been late with payments and it is hurting my credit score and I can't get loans. We have both told her bank to take my name off but they won't. I'm about to send a copy of the divorce decree. If this doesn't work do I need to get a lawyer? How do I go about this?
Divorce, Marriage, Alimony Law Answers
As for the line of credit, you are not going to be able to undo the co-sign without the banks approval. I have never heard of a bank removing the cosignor without some for a substituted security. If you ex is in default, they can go after you for the full amount - even if she were to declare bankruptcy. You should hire a lawyer to try to negotiate a settlement of the debt. while it may hurt your credit, you can rebuild it over time. the sooner you resolve this the better you will be. get a lawyer that deals with divorce and explain the situation to him.
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