Hello,

Unfortunately, they only have to notice the primary on the loan but can come after either or both of you if it defaults. This is called "joint and several liability" Your recourse now if it is in collections is to sit down with son and daughter and call the lender and see if you can work out a payment arrangement that they will agree to. Since you are not the primary, they will likely not deal with you unless son and daughter are there. Otherwise, the lender will sue you both on each loan, get a judgment and then lien any real property, seize any bank accounts and garnish any wages you earn to enforce their judgment.

Thanks.

Matt

I hope you have a better understanding of your question as a result of my comments. I am sorry if the answer is not what you would prefer, but as you know, sometimes the correct answer is good news, other times bad. I hope you have a better understanding of your legal issue as a result of my comments. If the information given in fact answered your question please click the GREEN "ACCEPT" button NOW, so that I receive credit for my work. If you need additional clarification on this question, don't hesitate to click "Reply" and I will be happy to help you. Please give me as much detail as you can so that I can respond after receiving all the relevant details. If you would like to have me help with further questions, you can request me personally in your question caption.

you are welcome.

Matt