What should I do after I cosigned for someone? 6 Answers as of May 17, 2011

I was cosigned for my manager work with me same company while his son went to school loan for $10K. Now Sallie Mae asked I pay for borrower. What should I do? Borrow late payment for 3 months now Sallie Mae ask me to pay while I was cosign of his loan. Please tell me what to do now, and how can I take off my name with Sallie Mae as cosign? Thanks so much

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Once you have signed on as a cosigner, there are only 3 ways to get out of the obligation: (1) Pay the debt yourself; (2) Have your cosigner pay the debt; or (3) file bankruptcy yourself. There is not way to take your name off with Sallie Mae.
Answer Applies to: California
Replied: 5/17/2011
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
If you are a co-signer you are liable unless the lender releases you. It doesn't hurt to ask.
Answer Applies to: California
Replied: 4/21/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
That is the problem with cosigning for a loan. If the primary borrow does not pay, you have to pay it. You can not take your name off that loan. All you can do is try to get the primary borrower to pay.
Answer Applies to: California
Replied: 4/21/2011
Carballo Law Offices
Carballo Law Offices | Tony E. Carballo
Nothing you can do. You agreed to pay and if you don't pay you can be sued.
Answer Applies to: California
Replied: 4/21/2011
The Law Offices of Alan M. Laskin
The Law Offices of Alan M. Laskin | Jared B. Gaynor
You can always ask to be let off the loan - but I've never seen it happen. You agreed to be responsible for this loan, and now they are simply asking you to take that responsibility. Call the person who is not paying and see what is happening.
Answer Applies to: California
Replied: 4/21/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    If you co-signed for the loan, you are equally responsible for it. You should never cosign for a loan under these circumstances. I suggest speaking to the person who got the loan about paying their bill. Otherwise Sallie Mae will come after you.
    Answer Applies to: California
    Replied: 4/21/2011
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