[dxl1205]

My parents took out a private loan for school which I also cosigned for before I started college. My mother who was to make payments on this loan failed to make payments (It is under her name and mine and we had a verbal agreement that this loan was something she would pay for)

This loan was from ACS and essentially she failed to make payments for it after it was off of forebarence. they emailed me the other day and I called them back and found out that the loan defaulted. When I asked them who to contact to fix the situation, they told me that they were unable to give me information and was unable to direct me to the company that now held the loan. The reason is that they had just sold it and it was in the process of being turned over (this default apparently just occurred)

I am wiling to pay or make payments on this loan myself to rectify this situation. My question is is there a way to do something so that "default" will be taken off of my credit report. If there is a way by showing it is "rehabilitated" how does that affect my credit? If there isn't a way to change default how long will it stay on my report? Also since this process is just starting is it wise to hire a lawyer to help negotiate or help with the process so that I can do something to prevent my credit from being ruined?

I don't quite know if you need this info but the loan was taken out in Florida with ACS but it seems that they might actually be a company that collects money for a guarantor like TERI loans. I was unable to find out who the original guarantor for this defaulted loan.

I appreciate any help. This came as a suprise to me since I was sthinking that my mother was taking care of this all along.

Thanks

[Mr. Knowitall]

Whether or not they will remove the default in return for the payment is up to them. They do not have to do so. If they agree to do so, get that confirmed in writing before you pay.