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I am a cosigner daughter's student loan the loan has gone…

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I am a cosigner for...
I am a cosigner for my daughter's student loan the loan has gone into default and the lawyers are trying to force me to pay the loan off even after my daughter has tried to negotiate payment with them, is this legal?
Submitted: 2 years ago.Category: Legal
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Answered in 2 minutes by:
1/22/2016
Lawyer: Ely, Counselor at Law replied 2 years ago
Ely
Ely, Counselor at Law
Category: Legal
Satisfied Customers: 103,584
Experience: Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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Hello and welcome to JustAnswer. Please note: This is general information only for educational purposes only, and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation. On this website, I do not always get to give good news, and this is one of these times. I understand that hearing things less than optimal is not easy, and I empathize. Thanks in advance for not "shooting the messenger."

1) As a cosigner, you are just as liable as she is. The lender can pursue you, her, or both of you.

2) There is no "right to negotiate" a defaulted loan. The lender may pursue either/both party(ies) for the full amount.

3) Now, the lender can negotiate, but they do not have to, and can seek relief via the court of law for the defaulted contract. Whether they do so or not is at their discretion. Ergo yes, this is legal.

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Lawyer: Ely, Counselor at Law replied 2 years ago
Hello again. I am checking in because you have not rated positively. To me this means you may have another question. Please let me know – I am simply touching base. Thanks!
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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