Co-signed a student loan and the person I co-signed for is now disabled.
Date: Wed, 04/14/2010 - 16:13
Co-signed a student loan and the person I co-signed for is now disabled.
The person I co-signed for is now 100% disabled and has had the loan dismissed but now they are coming after me? Do I have any recourse or do I have to pay it.
Quote:Originally Posted by shadow 310The person I co-signed for
Quote:
Originally Posted by shadow 310 The person I co-signed for is now 100% disabled and has had the loan dismissed but now they are coming after me? Do I have any recourse or do I have to pay it. |
As the cosigner of the student loan, I think, you are responsible for paying it off even when the borrower was freed from his responsibility of repayment. If you don't pay it off it would remain on your report and continue damaging your score. Moreover, you can also be sued by the creditor.
This would have to be a private loan with a cosignor. There is
This would have to be a private loan with a cosignor. There is no disabiltiy "dismissal" for this type of loan so I think someone is handing you a pile of BS.
Quote:Originally Posted by SOAPLADYThis would have to be a priva
Quote:
Originally Posted by SOAPLADY This would have to be a private loan with a cosignor. There is no disabiltiy "dismissal" for this type of loan so I think someone is handing you a pile of BS. |
The letter states, :Recently Sallie Mae was notified of ***** permanent disability and we are currently reviewing the private loans under the account referenced which lists you as a cosigner. As such, we recommend the balance of the loan be transferredd to you, as the cosigner, for repayment.
It is just saying that the borrower is disabled and isnt worth s
It is just saying that the borrower is disabled and isnt worth suing so cosignor, cough up. The loan is not being transfered, the cosignor is just being told to pay up.