I have a heavy situation at hand. My college roomate needed a co-signer for Sallie Mae to continue with college. I was happy to do so because I believed he would repay the loan. After college, he moved back to England and for the past 9 months, he has not made a payment towards his loan.He has sent me numerous emails saying things like "I promise I will take care of this" and "don't worry about them, I have spoken to them and it has been okayed, just takes a few days to process"Sallie Mae has yet to hear from him. Now I am getting calls left and right from them and they are also calling my in laws, neighbors, employer, etc.Is there anything at all that I can do? Can I possibly sue him for lying to me and letting this get out of hand? I'll do whatever I can do. I would hate to start paying this for him to avoid it. I honestly do not remember cosigning for him but once and it looks like there were 4 different student loans as well. I am not sure if he had stolen my SSN or not, but it's getting really frustrating. What are my options?
Good afternoon,I'm sorry to hear of the situation.You say that you don't remember co-signing for the roommate, but you also seem rather specific when you say "I was happy to do so because I believed he would repay the loan."Presuming that you did sign for him, then if he does not pay, the lender may immediately look to you for payment. Of course you may sue him, as he mad an agreement with you---a contract if you will, albeit a verbal contract but still a legally enforceable one----and he has breached that agreement. You will most certainly win your lawsuit with those facts.You will also want to ask the lender for copies of what they claim to be your signatures---as it sis always possible that you cosigned for one or more, but not all of the loans---and you don;t want to be stuck with anything more than is absolutely necessary.As you entered the agreement with him while he was here in the US, you may also sue him in the state where the contract was made.You may reply back to me using the Continue the Conversation or Reply to Expert link if you have additional questions; and if you do, I ask that you please keep in mind that I do not know what you may already know or with what you need help, unless you tell me. Kindly take a moment to rate my service to you based on the understanding of the law I provided. Please understand that I have no control over the how the law impacts your particular situation, and I trust you agree that it would be unfair for me to be punished by a (negative rating) ----the first 2 stars/faces----for having been honest with you about the law.I wish you the best in 2012,Doug
I was happy to cosign the first loan. I remember signing a second one, but the other two I have no recollection of. I will make an attempt to sue him. How do I go about doing this? He is in England and I am in Virginia. And can I sue for the credit score damages that has caused? I own three businesses and as I want to expand one of them, I can no longer get any type of funding to do so. What type of lawyer should I look for? Thank you so much too!
Good afternoon,You will have to file suit in VA and have him served with the lawsuit where he is. Placing a value on your credit score will be all but impossible. However, if you can get some expert to testify that a drop in credit score is worth X amount of dollars, then yes, you may claim that as an item of damages.If you will be proceeding with an attorney---which I think is a good idea in this particular circumstance---you might consider a business law attorney.I wish you success in your suit.You may reply back to me again, using the Reply to Expert link, if you have additional questions.Would you please rate me highly now, based on my assistance to you in understanding the law.Doug
I will most definitely give you a high rating. I have one last question. Is there any way that I can find out his phone number or where he lives?
Good afternoon,If you have not kept contact with him, perhaps the lender will give it to you, or he may have it listed in an alumni directory from college. Aside from that, I'd personally not have any way to locate a phone number for a person living in England. I'm sorry.Have a great week,Doug
I am a practicing attorney with more than 27 years of experience in the legal field.
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