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Attorney2
Attorney2, Attorney
Category: Legal
Satisfied Customers: 6038
Experience:  28 Years In General Practice,
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Thank you for your assistance, I have a question regarding

Customer Question

Thank you for your assistance, I have a question regarding my cosigning for my daughters student loan by in 2007 which is still owing. My daughter is now working as an RN and is doing quite well. I have asked her repeatedly to look into removing my name so I can look into possibly purchasing a home with my son to be husband in a few months and that limits my credit . Is there a way legally to have my name removed? Also I am now retired and living on my social security. Thank you, sincerely ***** *****
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: California
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: Daughter is married and I her mother is single(divorced)
Submitted: 1 month ago.
Category: Legal
Expert:  Attorney2 replied 1 month ago.

Welcome to JA and thank you for your question. I will be the Attorney that will be assisting you.

Expert:  Attorney2 replied 1 month ago.

What company holds the loan?

For example:

"Co-signer release may be available once the primary borrower demonstrates a history of successfully making on-time payments and meets credit criteria. The primary borrower needs to demonstrate that he has the tools, knowledge and experience to be successful in repayment on his own.

After graduation, the primary borrower may apply for co-signer release after making 12 consecutive monthly on-time principal and interest payments. Sallie Mae looks at the primary borrower's demonstrated success with other credit obligations (e.g., car payments, apartment rent or credit card) and reviews whether your friend has sufficient income to manage the payments. If the primary borrower meets the credit criteria, the co-signer is released from the loan obligation."

http://www.bankrate.com/finance/college-finance/escape-route-student-loan-co-signer.aspx#ixzz4UjVxcFKF

Customer: replied 1 month ago.
I do not have that information with me at this time. Maybe I can send it to you tonight, I am not at home. I did not mean to get a monthly legal advise as the advertisement said free legal help but after it took my debit card info I realized it was for more...I just wanted to ask and I would pursue an avenue to have this taken care. I am a senior on social security and cannot afford this. I apologize for the mess I created.
Expert:  Attorney2 replied 1 month ago.

You have not created and there are ways to be released if depending on the lender. Ignore the monthly service advertisement. You are not required to have a monthly service for me to answer your question.

The general steps you would take would be:

"The first step is to get in touch with your lender and ask about cosigner release. Luckily, the CFPB has your back and has crafted these nifty sample letters that you can use to communicate with your lender.

One of the letters is for inquiring about the process of cosigner release, while the other is for the cosigner, like parents, who are looking to be removed from the loan.

You can edit the letters as you wish and send them via email or snail mail to your lender. The most important thing is to get everything in writing so that you are clear on the process as well as the requirements for cosigner release.

Step 2: Gather Your Paperwork and Review Requirements

Many lenders will have specific requirements in order to get a cosigner released. Often this can be in the form of consecutive on-time payments, proof of income, proof of graduation, and creditworthiness. Make sure you get your paperwork in order, such as pay stubs, cosigner release forms, etc. Be sure to make copies for yourself as well!

Private student loan giant, Sallie Mae, has a list of requirements that borrowers need to meet to pursue cosigner release — including proof of income, a credit review, and more.

Step 3: Apply for Student Loan Cosigner Release

After contacting your lender and gathering your information, it’s time to apply for cosigner release. Send in your documentation via certified mail or via email and keep any communication from your lender. You should hear a response within several weeks — and if you don’t, follow up!

It’s key that you follow up, as many lenders don’t make it easy to access this information or don’t advertise cosigner release as an option at all.

Once you complete the process of getting your cosigner released, be sure to keep any documentation related to the process for your records to help you avoid any issues down the line.

Although cosigner release is something you should look into, I’d be remiss if I didn’t share some of the struggles borrowers deal with when actually trying to get their cosigner released.

“Borrowers have submitted complaints to the CFPB about problems releasing cosigner, even though the benefit was prominently advertised prior to the origination of the loan,” according to the CFPB report from above.

Optional: Release Cosigners Through Student Loan Refinancing

Another option for obtaining cosigner release is to refinance your loans through another bank. In addition to getting a cosigner removed from your loans, you may be able to reduce interest rates and save money on your loan repayment too. See our post on student loan refinancing to learn more about this cosigner release option.

While cosigner release may be a frustrating process of red tape and bureaucracy, it could save you from unnecessary trouble down the line." https://studentloanhero.com/featured/cosigner-release-how-it-can-protect-you-from-these-nightmare-scenarios/

Please speak to customer service a let them know that you do not want a membership. You should only pay the amount that was stated. If you were told this would be FREE that should be the case.

Expert:  Attorney2 replied 1 month ago.

US/Canada1-***-***-****

Available 6am to 9pm PST

Were you told the question was free?

Customer: replied 1 month ago.
Thank you very much for this information and definitely I will be contacting the loan compatibility who holds the student loan. My daughter is not speaking to me because I have asked her to have my name removed. So I'll be taking care of this on my end, again thank you for your help. Many blessings for the New Year.
Expert:  Attorney2 replied 1 month ago.

If you would be kind enough to rate my service positively so I will receive credit for ny work I would appreciate it.

Expert:  Attorney2 replied 1 month ago.

You are most welcome. Happy New Year to you too. There are always issues with children. No matter what you do they are unavoidable.

This is the link for the Consumer Financial Protection Bureau that can and will assist you http://www.consumerfinance.gov/about-us/newsroom/cfpb-unveils-student-loan-payback-playbook-provide-borrowers-personalized-snapshot-repayment-options/

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. If you would be kind enough to rate my service positively so I will receive credit for my work I would appreciate it. You do not need to provide a negative rating for a refund.

The site does not credit the Attorneys unless the customer rates our service positively. Thank you for your consideration. Please me know if you were unhappy with my service and I will opt out for another Attorney to assist you.

Thank you for using JA! We appreciate your business.

Customer: replied 1 month ago.
Thank you for such wonderful service in answering my concerns and directing me in how to handle my issues. Two thumbs up :)
Expert:  Attorney2 replied 1 month ago.

There should be a rating system above on your end. A positive rating is the higher ratings. It shows up as 5 stars on my end.

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