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Before I married my Husband he co signed a student loan for…

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Before I married my...

Before I married my Husband he co signed a student loan for my stepson.My stepson is not paying on the loan and navientis telling my husband they will proceed with legal actions , if he does not respond with the loan payments.What are our options

Lawyer's Assistant: Has anything been filed or reported?

Just got a letter front navientis saying they have been trying to reach him.And they will proceed with legal action

Submitted: 8 months ago.Category: Legal
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Answered in 7 minutes by:
9/18/2017
Lawyer: ScottyMacEsq, Attorney replied 8 months ago
ScottyMacEsq
ScottyMacEsq, Attorney
Category: Legal
Satisfied Customers: 18,067
Experience: Licensed Texas General Practice Attorney
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Thank you for using JustAnswer.

I'm sorry to hear about your situation. That's the unfortunate downside of cosigning, and the very reason that lenders require cosigners for borrowers with little credit to begin with. There's a high default rate on student loans.

When the co-signer signs the promissory note (i.e., the loan contract), he agrees to be "jointly and severally" liable for the loan, which means that the co-signer can be expected to step up to the plate regardless of the primary borrower's ability or willingness to pay. Co-signer release may be available once the primary borrower demonstrates a history of successfully making on-time payments and meets credit criteria. The primary borrower needs to demonstrate that he has the tools, knowledge and experience to be successful in repayment on his own. Unfortunately that's only available when the payments are being made. Here, unless you can show that the loan was obtained due to fraud and the lender was somehow culpable in that, or if the cosigning signature was forged, I'm sorry to say that your husband will still be liable.

Now that being said, he would have a case against his son for any expenses incurred and payments made. This is called a "right of reimbursement". But that entails him suing his son (if his son is not willing to pay voluntarily), and it doesn't do anything in regards ***** ***** lender who is going after your husband. Again, the reason that they're going after him in the first place is that they know that he's more likely to pay.

I can't tell you how many times I've heard horror stories about cosigning loans. Of course I only hear the horror stories, as no one tells me that they cosigned for someone and everything turned out great. But I also know that the only cases that anyone has gotten out of it have been death, bankruptcy, or proof of fraud (such as forgery).

I know this is probably not what you wanted to hear, but it is the law. I hope that clears things up anyway. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

Thank you, ***** ***** luck to you!

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Lawyer: ScottyMacEsq, Attorney replied 8 months ago

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Lawyer: ScottyMacEsq, Attorney replied 8 months ago

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Lawyer: ScottyMacEsq, Attorney replied 8 months ago

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable.

Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Look for the stars on your screen (★★★★★). You may need to scroll left/right/up/down to see these stars, but note that the rating is what closes out this question, so it is necessary that you do so.

If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

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Lawyer: ScottyMacEsq, Attorney replied 8 months ago

Did you have any other questions before you rate this answer?

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Lawyer: ScottyMacEsq, Attorney replied 7 months ago

Can you see on your screen where you need to rate it? Note that you may need to press a "submit" button after clicking on the appropriate star rating. This is what I'm waiting on from you. Thanks!

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