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I co-signed student loans for my daughter who is not able to…

Customer Question
I co-signed student loans...

I co-signed student loans for my daughter who is not able to work. I have been trying to pay her loans but the lawyer who is administering the loan from loan to learn is impossible to deal with. I have been paying monthly and he put a lien on my home. I am trying to refinance and settle but he will not accept my offer as I can only get so much from refinance. He threatened to take me to court if I don't pay the monthly amount. I am wondering if I should stop paying and let him take me to court. I don't know what else to do. I have over $100,000 in my own federal student loans.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

New Jersey

Lawyer's Assistant: Have you spoken to a local attorney or school administrator? What is your ideal outcome for this situation?

I cannot afford an attorney. The loan amount is 38,000 which I can't afford but with the refinance

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I can pay him 15,000 with the refinance but he won't agree to it.

Lawyer's Assistant: When we are ready I'll take you to the appropriate web page.

Ok

Submitted: 6 months ago.Category: Legal
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Answered in 1 minute by:
1/2/2018
Lawyer: Olivia Kent, Attorney replied 6 months ago
Olivia Kent
Olivia Kent, Attorney
Category: Legal
Satisfied Customers: 4,079
Experience: Partner at Kent Law Group, LLC
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Hello and welcome to JustAnswer. My name is ***** ***** I'm an attorney. Please note this site is for general information for educational purposes only and does not constitute legal advice. Communicating with an expert on this site does not establish an attorney-client relationship. You might be offered a phone call, but you are under no obligation to accept; the phone call requests don’t come from me - they’re offered by the site - but if you do want a phone call I’d be happy to do that as well.
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Lawyer: Olivia Kent, Attorney replied 6 months ago

I feel for you... that's a tough situation to be in. As you can see, the loan company/lawyer does not want to settle for less than 50 cents on the dollar. The problem with just stopping payment is that they can then get a judgment against you for the whole amount (plus legal fees and assorted administrative fees). That's way simply not paying is a last resort people take - because of the tremendous impact on their credit (and the fact that they *still* owe that amount at the end of the day. So, negotiating is your best option. The loan company understands that if you stop paying they may NEVER see any money so even though they often play hardball they frequently do settle. Please let me know if I've answered your question. If I have, could you please take a moment to submit a rating so that I receive credit for working with you. I just ask that if the news is not good that you not shoot the messenger - me. Shooting the messenger is either leaving a negative rating (usually reserved for rude or unprofessional experts) or not leaving a positive rating at all (although not rating is way better than leaving an unjustified negative rating). If you have any follow up questions I would be *happy* to answer them. Experts only get credit for the time and effort we spend on our answers if you rate positively - 5 stars is definitely appreciated but not required! It DOES NOT cost you anything at all to submit a rating; it just allows me to get credit for helping you - otherwise I get no credit at all. You CAN still ask follow up questions after rating. There may be a lag between your question and my answer; this is because I'm either not at my computer or helping someone else but I assure you I will ALWAYS come back and answer your question.

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Lawyer: Olivia Kent, Attorney replied 6 months ago

Is there anything else I can answer for you? Can you please confirm that you received the information I sent you.

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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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