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Student loan default impact on co-signer

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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?




Anonymous Replied on 07-29-2009, 03:09 AM
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Sub: #[URL="http://www.debtconsolidationcare.com/forums/showpost.php? p=454415&postco..."]20[/URL] Co-signer for niece but never received any papers?
"My sister asked me to co-sign for my niece to go to school. The original note was for $5K. I agreed but never received any paperwork. She said she did it electronically. Well they are late on payments and I have received a bill that shows the loan was for $8k. I never signed anything, what can I do?"

Soap Lady....I say the above post and didn't see that anyone responded. Is the co-signor above responsible for this loan considering he never signed the promisory note?

Sub: #61 posted on Fri, 04/23/2010 - 11:54

shadow 310 shadow 310

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You would have had to sign it electronically, not her. Did you give her your SS# to do it? How long have you known she electronically signed for it? Quite frankly, you may have grounds to fight this one if you just found out she signed electronically for you without giving a chance to review the prom note or disclosure.

Sub: #62 posted on Fri, 04/23/2010 - 11:59

SOAPLADY SOAPLADY
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Quote:
Originally Posted by SOAPLADY
You would have had to sign it electronically, not her. Did you give her your SS# to do it? How long have you known she electronically signed for it? Quite frankly, you may have grounds to fight this one if you just found out she signed electronically for you without giving a chance to review the prom note or disclosure.


Wouldn't he have to press Identity Theft charges on the person? That's a felony.

Sub: #63 posted on Fri, 04/23/2010 - 14:14

shadow 310 shadow 310

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Quite possibly. However, it may light a fire under the niece to catch up with the payments, find a second job. Sure a better opinion that possible jail time.

Sub: #64 posted on Fri, 04/23/2010 - 15:48

SOAPLADY SOAPLADY
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Quote:
Originally Posted by SOAPLADY
Quite possibly. However, it may light a fire under the niece to catch up with the payments, find a second job. Sure a better opinion that possible jail time.


Just curious...would it be Identity theft? I mean he was aware of it just not the correct amount?

Sub: #65 posted on Fri, 04/23/2010 - 16:37

shadow 310 shadow 310

(Posts: 9 | Credits: )

The amount was probably correct....this being a private loan, it would have been accruing interest since day one.

If the prom note was e-signed without the posters knowledge or express consent, it would be forgery.

Sub: #66 posted on Fri, 04/23/2010 - 16:39

SOAPLADY SOAPLADY
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A co-signer is held responsible for the repayment. If you are not able to make payments on time the co-signer can be forced to make the payment.The co-signers name also appears along with the debtor in the credit report, and it will affect the co-signers future when he applies for a loan.

Sub: #67 posted on Sat, 04/24/2010 - 13:51

Rebecca Miller Rebecca Miller

(Posts: 131 | Credits: )

Please need your advice:

I read some post, stating that if loans are consolidated with another company, than the co-signer is released from original loans, is this true?

It will be a bit of relief, because my father keeps complaining about constant harresmant he gets everyday by AES and SallieMae. By the way its for private loans, and I don't mind going into default after consolidation, I just want to remove my co-signer from my original loans, so nobody else gets hurt before the default starts...

Sub: #68 posted on Wed, 05/05/2010 - 00:49

Unregistered


Quote:
Originally Posted by Anonymous
Please need your advice:

I read some post, stating that if loans are consolidated with another company, than the co-signer is released from original loans, is this true?

It will be a bit of relief, because my father keeps complaining about constant harresmant he gets everyday by AES and SallieMae. By the way its for private loans, and I don't mind going into default after consolidation, I just want to remove my co-signer from my original loans, so nobody else gets hurt before the default starts...


Gettting a consolidation loan for private loans is almost next to impossible ...very few lenders remain to consolidate these types of loans.
If you are getting calls everyday, that would tell me that you are behind which probably would rule you out without a cosignor.

Please do not call it harrassment...your father took on a legal liability when he cosigned for you....he is just as responsible for the loan as you are.

Sub: #69 posted on Wed, 05/05/2010 - 04:36

SOAPLADY SOAPLADY
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Quote:
Originally Posted by Anonymous
If as cosigner I pay off the student loan for a relative who refuses to pay can I sue and possibly get a judgment against the individual?


Also, can i SUE THE PARENT, IF THEY HAVE SIGNED A PROMISSORY NOTE?

Sub: #70 posted on Tue, 05/11/2010 - 20:22

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