I am looking for advice as I don't know where to turn: I cosigned several student loans for my son who defaulted on one loan and is making payments (not always in timely manner) on the others. He has caused my 30 years of great credit to be trash. I have picked up the payments on the defualted loan however they are $400+ per month. With three of his siblings who still live at home this is a financial burden I honestly cannot afford and know he cannot at this size payment either. Being a private loan in default they call the shots on the size of the payments and are not willing to budge as they have a goal on when to have the loan paid off. Please any advice on how to handle this situation will be most appreciated. Please understand at this rate I will be die before my credit can improve! I am hoping their is a way to have this not happen not to mention if my family has an emergency that may require me to obtain funding, as I am unble to even get a Sears credit card at this point, I would be in serious trouble! Please help! Just a footnote: My son was insisting he had all under control when I would inquire about calls being left in my voicemil as I was preoccupied and facing three consective family tragedies. Yes, My fault as I relied on my son to be forthcoming during this difficult period because I was unable to address the matter myself.
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