Posted on: 19th Jul, 2011 07:18 am
My Grandma is a cosigner for my student loans, when she dies I assume they don't disappear.. I hate paying Sallie Mae. So if I decide to stop paying on them how badly does that affect my credit when they go into default? Or will they hunt down the rest of my family?
Also, I just filed bankruptcy and I want all my debt eliminated so is there a way to do that with my Sallie Mae student loans? I know there is some roundabout way and it is possible. Any advise on that would be appreciated.
I can't reduce the payments anymore, I can't afford the monthly payments, I can't defer them anymore & they're hunting down my family when i'm late on my payments.
Another thing, how do you remove a cosigner from (Sallie Mae)?
An advance thank you to anyone who answers - Thanks!!
Also, I just filed bankruptcy and I want all my debt eliminated so is there a way to do that with my Sallie Mae student loans? I know there is some roundabout way and it is possible. Any advise on that would be appreciated.
I can't reduce the payments anymore, I can't afford the monthly payments, I can't defer them anymore & they're hunting down my family when i'm late on my payments.
Another thing, how do you remove a cosigner from (Sallie Mae)?
An advance thank you to anyone who answers - Thanks!!
Once the loan has funded, there is no way to remove a co-signer. So your real problem is since they are government backed student loans, you cannot include in BK. So once you stop making payments, they will go after you and the co-signer for the debt. If your GM passes, then you are left sole responsible. Once the debt is not paid, a judgement will be issued against you. Any future assets could be subject to attachment of the judgement, as well as any tax returns that are owned to you, will be garnished to pay the loans off. How much is the total debt?
That's what I kind of figured. My student loan debt is about $23,000 - & that's without a degree so it's not like I have a super good job!
