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  1. #1
    Join Date
    Dec 2007
    Posts
    6

    Angry False Cosigner's Signature For A Student Loan

    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.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,638

    Default Re: False Cosigner's Signature For A Student Loan

    The longer you wait to report fraud, the less likely it is that the report will be deemed credible or that any action will be taken on the fraud. If your father chooses to slumber on his rights, he may end up with no remedy. Did you discover this back in 2006, or just recently when the repayment schedule arrived?

  3. #3
    Join Date
    Dec 2007
    Posts
    6

    Unhappy Re: False Cosigner's Signature For A Student Loan

    We discovered this back in October 2006 +/- . At that point I called Sallie Mae requesting copy of application. It was then I realized the extent of fraud when I saw a trembly signature unlike my father's.

    This person begs for non legal action and to trust him.

    What would happen to him if /when father reports fraud?
    What is the procedure ?


    Are these debts inheritable ?

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    74,168

    Default Re: False Cosigner's Signature For A Student Loan

    If the loan is in default when your father dies, expect the lender to make a claim for the amount due against his estate.

    Trust somebody who forged a signature? I wouldn't....

    If your father wishes to report the fraud, he can make a police report then dispute the signature with the lender (or vice versa, although I expect the lender to require the police report). They will take it from there.

  5. #5
    Join Date
    Dec 2007
    Posts
    6

    Question Re: False Cosigner's Signature For A Student Loan

    We now have received notice of non payment for the FIRST scheduled payment on this student loan and a request for prompt payment including next scheduled payment.

    Father will be meeting with person who comitted the fraud and requesting him either to beg his own family to pay off debt or else be faced with the law.

    It is unlikely he will be able to get the money, although he may ask for time, which again places my father in a "catch 22" situation.
    It is unfortunate he thought worthwhile to risk so much for becoming simply a doctor.

    What kind of punishment if/when a police report is filed will this person be facing ??
    Jail time ??
    Thanks for your orientation and advice.

  6. #6
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    74,168

    Default Re: False Cosigner's Signature For A Student Loan

    I don't want to speculate as to what he might be charged with, or even if he would be charged. I will say this much: If he's serious about becoming a doctor, he had better become serious about making this right, because if he is charged as a result of this it could interfere with his getting a medical license.

  7. #7
    Join Date
    Dec 2007
    Posts
    6

    Unhappy Re: False Cosigner's Signature For A Student Loan

    What is the validity of any loan application signed by someone other than the applicant ?
    According to California Law:
    1) Can banks interfere or freeze innocent person's assets even though there is blatant fraud involved ?
    My father's only income is pension and one property.

    Once report is filed and bank is advised of fraud:
    2) Will or can his assets be in anyway compromised ?
    3)Should we movilize to transfer property's title to someone else before matters escalate ?

    Once signature is cleared...
    4)How long does it take for joint debt to be removed from credit bureau report?

    Thanks much for your prompt responses.

  8. #8
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    74,168

    Default Re: False Cosigner's Signature For A Student Loan

    If your father proves the forgery, the bank will not pursue him if the borrower defaults. If not, or if he doesn't even bother to try, they will treat him as the cosigner. So has he contacted the bank yet? Has he made a police report yet? Once you have done that, if you still have problems, come back here and we can discuss them.

  9. #9
    Join Date
    Dec 2007
    Posts
    6

    Exclamation Re: False Cosigner's Signature For A Student Loan

    Have since contacted Sallie Mae Identity Theft and Forgery Unit.
    Submitted:
    1)Police report
    2)Notarized Id theft affidavit along with 5 notarized signatures.
    3) 5 signature samples (bank contracts)
    According to Sallie Mae Forgery Unit, all signature samples are too far in the past as proof of present forgery and have rejected them.
    In order for them to continue researching the “potential identity theft” they need samples dated within a year when "potential fraud" was comitted.

    Unfortunately my father for many years has not made payments via checks, nor signed any documents. He is almost 80.
    Why there seems to be less steps involved in obtaining loans than in pursuing a blatant fraud is baffling and a huge loophole pro-crime.

    Do you know of a counter loophole which may be utilized by a law abiding SENIOR CITIZEN to force Sallie Mae to pursue HIS forgery claim seriously with the already submitted evidence ?
    What to do under these circumstances where the bank is more eager to disprove than prove a forgery claim and where the victim's old age is simply a circumstantial detail if at all noticed?
    Help please.

  10. #10
    Join Date
    Feb 2008
    Posts
    4

    Default Re: False Cosigner's Signature For A Student Loan

    I recently found out my soon to be ex-husband falsely used my name as a co-signer on a school loan. He used my SSN and used the loan company's online signature program that have going. It was way too easy for him to use my SSN and answered very simple questions, what county do I live in? What is my car payment? What is the last city I lived in? Anyway, he recieved the funds. He attempted the second time, I caught it just in time therefore the funds were not dispersed.

    So, I guess my question is what happens now?
    The loan company will do their investigation and they say they will take my name off the loan. But shouldn't something happen legally? Will they press charges.

    I have been told I have to press charges of ID theft on my own.

    What should I do? What should I expect?

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