Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
Good evening. I am Loren, a licensed attorney, and I look forward to assisting you.
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Was the promise to release you agreed to by the lender? Was it in writing?
Thank you for the additional information.
I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get.
Unfortunately, the obligation is to the lender. The parents have no authority to release you from your obligation to the lender.
If you ask the lender, they may be willing to substitute the parents for you as cosignor if they have comparable assets.
I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not necessarily a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.
Did you have further questions? Have I answered your question?
I understand Sallie Mae is the lender. If you are a co signor then you are also the borrower along with the nephew.
Under the statute of frauds, such an agreement to take over your debt is only enforceable if it is in writing.
The only way you can be released or the parents substituted in is with the consent of the lender.
I am sorry. I wish I had better news for you.
Did you have further questions?
Certainly, but Sallie Mae would have to agree to release you.
Only the lender can release you from the loan.
Discuss with the parents about either refinancing the debt in their names or contacting Sallie Mae to substitute themselves in place of you.
If you have no further questions please remember to rate my service to you so that I am credited by JA for answering your questions and also so that I may close the question.
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Have I answered your question?
Yes, that is your next step of the parents do no comply with what they promised you.
If you have no further questions please remember to rate my service to you so that I am credited by JA for assisting you and also somthat I may close out the question. Thanks.