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Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 36162
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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My 75 year old mother co-signed a student loan under duress,

Customer Question

My 75 year old mother co-signed a student loan under duress, pressure for my nephew now she gets threats by phone (which she won't anser anymore) and recently a letter from collection agency she has to the 26th or else. She is scared to death (literally) they will take her house or put her in jail. My nephew works and has lots of FUN. She of course is on fixed income, check to check. ANYTHING she can do
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Wisc
JA: Has anything been filed or reported?
Customer: Not at this time she cannot handle this and just sent me info the 12th
JA: Anything else you want the lawyer to know before I connect you?
Customer: Whom and where I can write to, what to write them
Submitted: 6 days ago.
Category: Legal
Expert:  Barrister replied 6 days ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. 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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Does she have any equity in her house?

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Is her only source of income SS or retirement?

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Any other big assets like RVs, boats, motorcycles, etc.?

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thanks

Barrister

Customer: replied 6 days ago.
She currently has a mortgage on her her would loke to sell but has a caved in foundation. Yes her only income is ss. She owns a very old minivan falling apart That's it
Expert:  Barrister replied 6 days ago.

Ok, if she has under $75,000 in equity in the house, then it is exempt under the law from being liened and sold for the debt. And if her only source of income is SS, then the first $750 of that is exempt from creditors as well.

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But if they actually sued her for any money, she can sue the nephew and get a judgment against him for anything that she has to pay...

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thanks

Barrister