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  1. #1
    Join Date
    Nov 2010
    Posts
    1

    Default Co-Signer Signature Forged on Deferment

    My question involves collection proceedings in the State of Michigan.

    In short, my boyfriend co-signed a student loan for a foreign friend going to law school. The loan was for $17,000. For a couple of years everything was fine, then the guy stops making payments. Currently no one can get in touch with the guy. He has defaulted on the loan and my boyfriend is being pursued to pay the loan off. Well, he asked about deferment since he is not making enough to cover the bill right now. He was told that all the deferment had been used up and couldn't have been deferred without his signature. Well, my boyfriend hasn't been in touch with this guy for years and definetly didn't sign anything other than the original loan agreement.

    1. Is there a way he can get out of the loan since his signature was forged at some point?
    2. The collections agency said they could start garnishing his wages, or take his tax return. Is this true? Don't they have to take him to court to do that? and if not, how long does he have before wages are garnished?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Co-Signer Signature Forged on Deferment

    1. Misconduct by the borrower subsequent to his cosigning isn't going to relieve him of his obligation to the bank. He is free to report to the lender his belief that his signature was forged at one point or another.

    2. Garnishment is something that would occur after they take him to court and get a judgment.

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