Can I get my name taken off of a student loan that I co-signed?
I co-signed a student loan for my step-son, and he is constantly late in paying. Now 52 days past due. Due to a falling out with his father, my step-son will not talk to me. This is taking a major toll on my credit rating. How can I get my name off of the loan of $7,250? Is court my only answer? If so, how do I go about it? I don't have the money for a lawer.
There is no way to get your name off the loan. In co-signing the note, you signed a contract; the party on the other side, the lender, would have to agree to let you out of that contract and, to be blunt, why should they? If they let you off the note, they decrease their own chance of being paid; there's nothing in it for them, and there's no legal way to get out of a contract unless the other side--not your side, your step son, but the lender--violates the terms in some significant way.
You can sue your step son for what he should be paying, but this your only recourse here.