Husband's Loans
Date: Mon, 04/26/2010 - 13:01
Husband's Loans
Prior to our marriage my husband took out private loans from Citibank and Sally Mae to the tune of about 200K with his parents as his cosigners. Do the lenders have any recourse the garnish my wages, impact my credit, etc. as his wife if the loans go into default? We were married filing jointly this year but plan to move to married filing separately next year (none of the loans are in default currently). I will be the primary wage earner for the foreseeable future.
Private loans wont affect you directly as you have no liablity.
Private loans wont affect you directly as you have no liablity. However indirectly they might...they will sue him pretty quick if he defaults and they will be looking for whatever lienable assets they can find. So if you are joint on any property, they will look at for its lien value.
