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Loren
Loren, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 30225
Experience:  30 years experience in general legal matters.
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I co signed on a loan from sallie mae nephew with the

Customer Question

I co signed on a loan from sallie mae for my nephew with the promise from his parents that after a year I would be released from the loan. It has been over a year and I have tried continuesly to have them remove me from the loan but to no avail. The first payment is due in January. What can I do to be removed as a co signer?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Loren replied 1 year ago.

Good evening. I am Loren, a licensed attorney, and I look forward to assisting you.

Expert:  Loren replied 1 year ago.

Are you online?

Expert:  Loren replied 1 year ago.

Are you online?

Expert:  Loren replied 1 year ago.

Was the promise to release you agreed to by the lender? Was it in writing?

Customer: replied 1 year ago.
No. It was a verbal agreement between the parents of the student and I.
Expert:  Loren replied 1 year ago.

Thank you for the additional information.

Expert:  Loren replied 1 year ago.

I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get.

Expert:  Loren replied 1 year ago.

Unfortunately, the obligation is to the lender. The parents have no authority to release you from your obligation to the lender.

Expert:  Loren replied 1 year ago.

If you ask the lender, they may be willing to substitute the parents for you as cosignor if they have comparable assets.

Expert:  Loren replied 1 year ago.

I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not necessarily a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.

Expert:  Loren replied 1 year ago.

Did you have further questions? Have I answered your question?

Customer: replied 1 year ago.
Please clarify because the lender is Sallie Mae not me. I am the consigner,my nephew is the borrower, his parents asked me to do them the favor and be the consigner There was a verbal agreement by his parents that they would take on the loan after 1 year. That has not happened. A verbal agreement still stands for something in FLorida correct?r
Expert:  Loren replied 1 year ago.

I understand Sallie Mae is the lender. If you are a co signor then you are also the borrower along with the nephew.

Under the statute of frauds, such an agreement to take over your debt is only enforceable if it is in writing.

The only way you can be released or the parents substituted in is with the consent of the lender.

I am sorry. I wish I had better news for you.

Expert:  Loren replied 1 year ago.

Did you have further questions?

Customer: replied 1 year ago.
Can a lawyer write an agreement to have me release from this loan and sent to SallieSAllie mae
Expert:  Loren replied 1 year ago.

Certainly, but Sallie Mae would have to agree to release you.

Expert:  Loren replied 1 year ago.

Only the lender can release you from the loan.

Expert:  Loren replied 1 year ago.

Discuss with the parents about either refinancing the debt in their names or contacting Sallie Mae to substitute themselves in place of you.

Expert:  Loren replied 1 year ago.

If you have no further questions please remember to rate my service to you so that I am credited by JA for answering your questions and also so that I may close the question.

Expert:  Loren replied 1 year ago.

Are you still online with me? Did you have further questions?

Expert:  Loren replied 1 year ago.

Have I answered your question?

Customer: replied 1 year ago.
Unfortunately Loren this is an issue because my relationship with the parents are now strained and therefore the parents will not return my calls or texts. Ive tried reaching the student who is my my nephew to no avail. I can see that this matter will require a lawyer to get involved.
Expert:  Loren replied 1 year ago.

Yes, that is your next step of the parents do no comply with what they promised you.

Have I answered your question?

Expert:  Loren replied 1 year ago.

If you have no further questions please remember to rate my service to you so that I am credited by JA for assisting you and also somthat I may close out the question. Thanks.