My 80 yr old dad co-signed about $50k of student loans for my niece. She graduated and got a job but says she can't repay. My parents get soc security and have some retirement income from my dad's job. they no way have or will have the money to repay this loan if my niece defaults. What happens?
[COLOR=black]Here's the twist. I typed up a very long document with dozens of supportive documentation about me suing my best friend for the full amount of the loan if he does not pay it with on time payments within a certain time frame. I also got him and myself to sign this in front of a notary. I pretty much just made a promissory note to a promissory note. I already talked to an attorney about this. He said that I did the right thing and this documentation I can provide is a legal binding contract. I am kind of hesitant because he didn't have much knowledge about small claims court and stuff. I realize even if I sue and win I still have to pay off the student loan but do you think I have any chance at this? Thanks. [/COLOR]
Sub: #111 posted on Fri, 01/07/2011 - 08:47
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Sub: #112 posted on Thu, 01/27/2011 - 15:45
Sub: #113 posted on Thu, 01/27/2011 - 15:52
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Sub: #114 posted on Tue, 02/15/2011 - 19:53
Sub: #115 posted on Wed, 02/16/2011 - 02:56
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Please don't give a useless answer that I am fully liable for a loan. I know that.
Morality is not as issue here. We can definitely dig dipper and ask why do banks give 20,000 dollar loans to someone who makes 30,000 a year and has already owe 40,000 on his credit cards. Is it because the really want to you to go school or they are just thirsty for extra cash?
My advise to everyone here is definitely consult an attorney. The are plenty law firms that will offer FREE legal help. NEVER disregard a summons. You have 20 days to respond if you dont you will have to pay. Also they can only garnish your wages if you have been employed for one year not less. There is a limit on how much they can garnish - about 25%.
And again talk to a layer and never listen to what the load companies are telling you unless they are offering you a 30% settlement. Then take it and consider yourself lucky.
Your credit will be damaged anyway if you already getting phone calls.
The goal here for a cosigner to catch them on their mistake. That is your only option. The law is equal for everyone and they have to follow it the same way as you.
Sub: #116 posted on Sat, 04/16/2011 - 11:49
Why did you cosign without asking these questions first? There are a lot of students who borrow responsibly and pay them back on time. Personally I blame the cosignors who are usually parents....,if they said no, maybe the student would have thought about making better educational choices that didnt require private funding. Sorry, but I wont sugar coat....I saw too many ill prepared students and parents in my office looking to borrow, regardless of the fact degree program they were enrolling in would probably not lead to gainful employment.
Sub: #117 posted on Sat, 04/16/2011 - 13:09
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Sub: #118 posted on Wed, 04/27/2011 - 07:41
Let your son know that both he and his dad will end up being sued if the loan defaults.
Sub: #119 posted on Wed, 04/27/2011 - 15:36
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Sub: #120 posted on Wed, 05/25/2011 - 10:00