Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV
Call (Toll Free)
(800)-601-1579
Community Area
Get FREE Counseling




*


Helpful Resources
Community
Popular Discussions
Creditmagic Twitter
Credit on Facebook

Cosigner on student loans that have been charged off

Post reply  Start a topic
Author Message
Options
Print this topic
Invite a friend
Email this topic
  Bookmark online
Add to del.icio.us
Add to YahooMyWeb
 
Guest







Subject: Cosigner on student loans that have been charged off
 
Posted on Mon May 24, 2010 4:37 pm  

I am a cosigner on my exhusband's student loans. They are private student loans. He filed for bankruptcy last year, and the loans now are listed as a charge off. He took these loans out 8 years ago, kept it in deferrment, so the total amount owed has ballooned to over $80,000.

It was not discharged in his bankruptcy, but he is still not paying anything.

I have a hold harmless agreement in our divorce papers, and he was to assume the entire balance.

I took him back to court 6 months ago, and he was held in contempt, ordered to pay the loan plus my attorney fees, which of course he has not paid a cent.

What are my options? The bank is no longer contacting me but I would like to buy a house. This is the only thing on my credit, and every bank says that even though my credit score is high enough to qualify, they will not close escrow if I have a charge off on my credit.

What are my options?
thefighter



Joined: 22 May 2010
thefighter's page
Posts: 13



228 Magic Points

 
Posted on Tue May 25, 2010 3:00 am  

i think your only option is to attempt to work w/ the original creditor and have them remove you from the loan. Given the fact that he's not paying, however, I don't think they will want to do this.

Unfortunately, even though divorce decrees state one party is reponsible for a debt, it doesn't modify the original terms of the original debt, which stated that you are both responsible. technically, you are still on the line and as long as he keeps up his default, it's going to continue affecting you. sorry!
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: student loan charge off
 
Posted on Tue May 25, 2010 7:04 am  

Hi Guest,

thefighter is right. To get rid off this problem, you need to remove your name from the loan. However, as the loan is in default, the lenders may not agree to remove your name from the loan. Still, you can try.

However, the only feasible way out of this problem is to opt for Student Loan Forgiveness. Under certain circumstances, the Federal Government forgives the whole or a part of the loan. However, for that you will have to either perform some volunteer work. or join military service, or teach. Thus, you can check out whether or not you qualify for the Student Loan Forgiveness.

Thanks,

Aaron
_________________
Keep in touch Smile
Guest
Guest






Subject: Thanks for your replies
 
Posted on Tue May 25, 2010 12:03 pm  

Thanks for your replies. I have tried already to work with them. They will accept nothing short of full payment. They are private loans, so I can't get any type of forgiveness.

Is bankruptcy an option since I never spent any of this money and did not receive the education?
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: reply
 
Posted on Wed May 26, 2010 12:27 pm  

Hi,

You have mentioned in your first post that this is a student loan. So, can you please be more clear on what kind of loan is this?

Thanks,

Aaron
_________________
Keep in touch Smile
Guest
Guest






Subject: Thanks for your replies
 
Posted on Fri Jun 04, 2010 1:49 am  

There are 2 private loans from Key Bank.
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: reply
 
Posted on Fri Jun 04, 2010 10:13 am  

Hi,

Can you tell when was the last payment made, and which state do you live in? The only way out I think is to find out if the Statute of limitations on these loans have expired.

Another thing you can do is talk to the lenders about this, and request them to pull back the accounts from the collection agencies. Then once you pay off these loans, the charge-off can be removed. However, before making the payments, request the lenders to agree to a "Pay for delete" agreement.

Thanks,

Aaron
_________________
Keep in touch Smile
Guest
Guest






Subject: Thanks for the replies
 
Posted on Tue Jun 08, 2010 1:04 am  

The loans were originated 7 years ago, and he made a total of 5 payments 4 years ago. The loans exceed $80K. I'm in Florida. They are not actively trying to collect from me, but it's listed on my credit as a charge-off.
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: charge off loans
 
Posted on Tue Jun 08, 2010 9:30 am  

Hi,

The charge-off on your credit report is not a good thing. You should try paying this off. Once you pay off, the charge-off can get removed. You can check the Statute of Limitations (SOL) on these loans before the payment. If the SOL has expired, you can try to dispute these with the credit bureaus.

Thanks,

Aaron
_________________
Keep in touch Smile
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1915 Magic Points

Subject: credit
 
Posted on Tue Jun 08, 2010 8:56 pm  

I thought, on ANY kind of loan, you couldn't remove your name, as a Co-signer, until the loan was paid in full. Is this different for private Student loans?
matzcrorkz
Guest






Subject: qlXlzlrUxBVFkKPrKZ
 
Posted on Wed Aug 06, 2014 5:33 am  

C5Sisn Major thankies for the article. Great.
shay
Guest






Subject: student loans
 
Posted on Tue Mar 03, 2015 5:34 pm  

It is my understanding that there is zero limitations on any student loan. Your social security can be attached as well as many pensions and let's not forget ~ so can the IRS hold against refunds.
air born
Guest






Subject: hardship letter
 
Posted on Sun Sep 13, 2015 4:21 pm  

What is hardship letter disable

Quick Reply
Your Name
Subject
Message body
1, 2, 3, 4  Next  
Page 1 of 4

 
Delete this topic Move this topic Lock this topic Split this topic 






Page loaded in 0.029 seconds.