The only way you can stop the guarantee would be signing a new contract on the credit guarantor to what legally is called “covenant amendment of recognition of debt and restructuring” between the financial institution and the debtor, where specific stop being your bond and in this case we get another, or else is considered a new security, this being such a mortgage, a lien on a chattel and so on.
The problem is that if that person has not paid off, and every day he has more financial institution that you will want to pay the piper of the debtor, and therefore consider it very unlikely to want to sign the restructuring, although nothing lose to try. The possibility of not being endorsed is entirely possible. “As the contract was made may cease to be endorsed by the same procedure.
But not so easy to stop being guarantor for the three parties, ie creditor, principal debtor and guarantor must agree. At the same time and the fulfillment of this condition, you must submit another person, with the acceptance of credit that meets the underwriting function, otherwise any changes will lapse. Another way to stop being guarantor is by prescription. This is submitted after the deadline of one year maturity of the respective letter. If by that time the creditor has not filed suit to collect the debt, perfect the guarantor may request the prescription of the debt. However, this must be specifically requested the court, since judges do not decreed by trade.
The financial commitments are met with banks regardless of the situations we have after the signing. From the outset we should make a proposal to the bank of a change of guarantor, that is solvent and that the bank accept the change without more, is not easy, because the policy is signed before a notary with some premises, on terms and within responsible would have to change all this because of lack always incur the bank agrees to accept because the transaction based on the technical feasibility of the conditions originating in raised, your property and your spouse (if any). You can talk to the bank and your legal representative to see what solutions you can find.
