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I am the principal signer for my sons student loan to Sallie

I am the principal signer...
I am the principal signer for my son's student loan to Sallie Mae ( 2 loans totalling $ 50,000 ) and paid something at the beginning but since the crisis started I haven't been able to continue paying. I asked them to put them in deferment and forbearance and they did . Now is time to start paying again and I can't since my house is in foreclosure and my job ( self-employed went down dramatically ) We'll be able to stay in our house until September 22nd then the house will go for sale in the steps of the courthouse. My in-law has been helping us to pay a lawyer but the bank didn't wanted modified or help us to keep the house even though we went into mediation and found out that ( Bank Of America ) if they wanted to they could lower the interest, forgive part of the principal and made the payments low enough to pay it. I know that there are agencies or companies who say that they can negotiate or even deal in our behalf to forgive the loans but I don't know where can I go to. The lawyer who has been dealing with the bank is not their specialty. Can you suggest anybody or who can I go to, anything you can do to direct us is well appreciated. Thanks. Mario Lopez
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Answered in 23 minutes by:
8/20/2013
Law Educator, Esq.
Category: Legal
Satisfied Customers: 121,036
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Thank you for your question. I look forward tow working with you to provide you the information you are seeking.

I am sorry to hear that this is happening to you as it is so many other students and parents. The student loan crisis is going to be the next major financial crisis to hit the US since the housing crisis. As far as student loans go right now, I am sorry to state that legally there is little that can be done with them, as these loans cannot be forgiven or even extinguished in bankruptcy and they can continue to pursue those payments and even garnish income that is not typically capable of garnishment in FL, such as wages or even pensions.

As far as the home foreclosure, you do not mention what your attorney has tried, but typically when a foreclosure is going on with this particular lender, because of all of the fraud that has been committed with their loans (such as robo-signing the notes) the attorney will conduct discovery and make them produce the original loan documents including the note and also will conduct a forensic loan audit to try to find illegal clauses in the lease to force the bank to negotiate with you or risk losing the loan. If you are already dealing with a local attorney that is the best thing, since most of these firms online or in the mail who advertise they will save your house are mostly scams and all they will do is take your money. Thus, you need to get your attorney right now to conduct a forensic loan audit and get the original loan documents so they can seek to prove BoA acted improperly in your loan to try to save your home as this is really going to be the last chance if the bank will not consider negotiating with you.




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Customer reply replied 4 years ago

Thank you for your answer regarding the foreclosure. My attorney went through the motions and yes the bank presented the original note to the court but on top of that they included so many penalties and interests on top of our mortgage that it wasn't worth it for us to continue with the house. Our attorney and her broker are trying to sale the house through short sale and maybe we end up with some money to storage our furniture and move with our in-law. You mentioned that is little legally that can be done with the student loan, then these agencies or companies who advertise in the newspaper, internet and other magazines that they can negotiate , reduce the loan like , studentzoom.com , legal media team and others are not true? Question for you , our goverment can forgive the money loans to other countries without having to return back to us , the tax money that belong to us and not to the administration but we can't go bankrupt or negotiated it. Since we don't have nothing now that they can take from us and our credit is shot , how much and how long they can pursue us to pay if I can't pay it back and garnish wages when I am self-employed and don't know if I going to have any work tomorrow or the day after? Thanks again.

Thank you for your response.

I am sorry to hear he went through all of that and was not able to find anything with the mortgage to help you. These companies that offer and claim to be able to get you out of student loans really are scams, in reality it just does not work because the courts do not reduce them. There are many of us in the same boat with student loans, if I could figure out how to get out from under or the other legal minds could really figure it out we would be billionaires, these people who tell you they can make money off of bilking people and not resolving their loans.

No, there is nothing they can really take from you if you have nothing, but for student loans they can garnish up to 15% of your Social Security or Retirement income or they can take your tax refunds for repayment..
Law Educator, Esq.
Category: Legal
Satisfied Customers: 121,036
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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