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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 34784
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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This is regarding a student loan for my daughter. Her father

Customer Question

Hi.. This is regarding a student loan for my daughter. Her father cosigned on the first 3 years and I cosigned for her senior year. (We are divorced and were at the time too) Right after she graduated her dad and step mom consolidated ALL the loans. They have been paying them for the last 4 years. But now stepmom is tired of paying them. She has sent text messages saying she is done paying them. We didn't respond but just recently received a statement from the bank that we "missed this months pymt" Nothing else just that. Is it possible step mom has changed things without our knowledge? Can you re-consolidate a consolidated loan?
Submitted: 4 months ago.
Category: Legal
Expert:  Barrister replied 4 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Do you know if the father and stepmother consolidated the loan you cosigned for into one big loan?

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If so, was there any request to release you as a cosigner on the one year you signed for?

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Is the statement you received just for your year's loan or the entire 4 years loans?

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And presumably daughter was in agreement with consolidating all the loans at the time?.

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Have you checked your credit report to see if your year's loan is listed on it?

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thanks

Barrister

Customer: replied 4 months ago.
the bank requested that, no release asked for and daughter was fine with the situation I will check credit report
Customer: replied 4 months ago.
It just went on our credit report
Expert:  Barrister replied 4 months ago.

Ok, this doesn't make sense because, as a general rule, when a loan is consolidated into a completely new loan, that would release the cosigner on the original loan from any further liability unless they actually signed on as a new cosigner on the new loan.

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So if that is what happened, then I don't see you as having any further liability unless you actually signed on as a cosigner on the new loan. This is because they would have basically taken out one big new loan and then paid off 4 smaller loans with it so everyone who is to be liable would have to sign off on the new loan.

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But if it is showing up as currently on your credit report, then the only explanation is that the loan you co-signed for wasn't combined with the other 3..

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thanks

Barrister

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