If I’m a co-signer on my ex-boyfriend’s loan, am I able to sue to get my name off

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If I’m a co-signer on my ex-boyfriend’s loan, am I able to sue to get my name off

I have tried calling him multiple times and talk to him to ask him to do it and he hasn’t yet.

Asked on October 25, 2010 under General Practice, Minnesota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Actually, your ex-boyfriend CAN'T let you off the loan--unless he were willing to refinance it (and could refinance it). He's also not under any legal obligation to even try to get you removed from the loan.

A contract, and a loan is a contract, binds all parties. In the case of a loan with a co-signor, there are 3 parties: the signor, the co-signoer, and the lender. All three must agree to any change in the loan; that mean the lender must agree to let you off the loan. And there is no reason for them to agree (and no way to force them to do so--you, after all, voluntarily co-signed, so you assumed the obligation of your own free will). Right now, if there's a default, they have 2 people they could look to for payment--2 people to sue. If they were to let you off the loan, they could only look to your ex-boyfriend for satisfaction, meaning that by letting you off--something they don't have to do--they reduce their odds of being paid. There is therefore no reason for them to do that.


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