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My wife took out a federal plus loan out for my son.She electronically signed my name. She has passed on and I never realized it because she handled all the finances. I'm currently unemployed, the loan was to begin on October 2013 but I was able to defer it until december2014 because my son is still in school. I'm barely making ends meet now. I have no clue on how I'll be able to pay the loan
,mortgage,etc...
Since your wife took out the loan in your name, so you are responsible for the loan. Contact with an attorney and take advice from him/her in this regard.
Contact your mortgage lender and explain your financial hardship, its very likely that he/she will help you with a loan modification, where you could pay at a reduced rate of interest or your monthly repayment amount be lowered. This way you'll get to cut back on some mortgage costs and save the money from it to pay for your child's student loan.
Federal PLUS loans will have to be paid off. Only if this would have been in your wife's name, you would no more be considered responsible for the payments. As you have the deferment period, you will have to try and improve your income within this time.
I completely agree! You'll have to look for ways to increase your income. Why don't you look for some other online options to improve your income?
It's a difficult financial scenario for you, yes; but not impossible. Talk it out with an attorney and see if any legal help would be possible. Apart from that it's essential to start earning more. There are various options available these days, so it's time you looked for greener pastures, yeah.
Yes, if you don't repay the Federal PLUS loan, then the government can garnish your Social Security benefits but cannot do that in case of Supplemental Security income.