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I signed for a student loan for my grandchild with a verbal

 
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  • Answered by:JudgeLaw
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I signed for a student loan for my grandchild with a verbal promise from both her father and my grandchild they would pay the loan, needless to say, I am not receiving any assistance on the $50,000+ loan. I am 64 years and am living on minimum wages - is there anything I can do?? State of VA

 

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Country relating to Question: United States
State (if USA): Virginia

Submitted: 300 days and 13 hours ago.
Category: Business Law
Value: $28
Status: CLOSED

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Expert:  JudgeLaw replied 300 days and 13 hours ago.

Thank you for using Just Answer.

Unfortunately, you are responsible as a cosignor and the lender can look to you for repayment if the borrower defaults. Agreeing to be responsible for the obligation of another is a surety agreement and must be in writing. Therefore, I am sorry to tell you, a verbal promise from the father is not enforceable.

Expert TypeAttorney
Category: Business Law
Pos. Feedback: 97.2 %
Accepts: 799
Answered: 6/26/2012

Experience: Over 25 years experience representing clients .

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