My father's signature was forged fall 2006 to get a student loan on behalf a long lost relative's son. This person was able to get all his personal information, including SSN and signature claiming it was for letter of recommendation for entering Med School.
We demanded him to reject monies but according to him it was too late for that since semester had almost ended. He has since, dropped out from school.
His payment plan has just began, my father received a copy stating repayment schedule etc....if this person is to make timely payments it will be paid off until 2022. Way beyond my father's life expectancy, he is 75.
I read somewhere with Sallie Mae after 24 consecutive timely payments the borrower can ask to have cosigner removed from contract and overtake full responsability, if borrower has a good credit record at THAT time. Father will be asking him to do just that, but who knows if he will oblige.
Should he fail to make any payment my father wants to report the fraud.
There is absolutely no certainty he will be creditworthy to have my father's name removed from bank lien, unfortunately without sending him to jail by filing police report, we have no other option but to wait...24 months etc.....
Personally I foresee the worse case scenario.
My father's only assets are his home & pension.
Is there a limited time frame, after fraud is committed and discovered, to take legal action according to California Law ???
Any help will be greatly appreciated.