Geting out of a secured loan?

alexio · Apprentice Joined: 08 Jan 2005 Posts: 3

I can confirm that my parents are one of the best people I have an opportunity to meet, know, as they have been my support and someone I can rely on all my life, and their friends can verify and prove that this is very true and accurate fact. Two years ago, my parents friend, actually a cousin has been pleading for my parents help in co-signing a loan with them so they can take a loan from the bank to buy and support their sons plans with buying a car. However, my parents agreed to that idea, even though they didnt feel quite right about the whole situation, as cousins had poor credit history, so they couldnt help their son, so my parents have been slightly concerned with possible outcome of the situation. Luckily for my parents nothing happened, all payments were regular, but my parents are planning other loans that will support me in many ways but are unable to establish any loan due to existing they have with the family member. Is there a possibility on getting out of a secured loan?

wait · Apprentice Joined: 21 Aug 2007 Posts: 3

Im not quite certain about options but Im sure that if your cousin can locate and attain someone else to support this loan instead of your parents, transformation can happen, and situation can be adjusted so both sides can be satisfied. Im aware that you dont want to hurt your cousins by telling them you have to get out from secured loan, as your parents are responsible and obliged and compelled to pay existing debt if your cousin isnt paying, for the reason secured loans function that way. You have a certain responsibilities having a secured loan from the bank so your property or assets that belong to the house is relying on the payments you are making towards bank, so bank did organize monthly interest rates to be lower than with unsecured loans, as they dont have nothing invested when applying for a loan from the bank.

Geting out of a secured loan?

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