Results 1 to 3 of 3
  1. #1
    Join Date
    Aug 2008
    Location
    Germany
    Posts
    2

    Default Cosigner of Delinquent Sallie Mae Loan

    My question involves collection proceedings in the State of: CA

    Hello. I'm the cosigner on 2 Sallie Mae student loans for a friend of mine. I'm now regretting my decision since the loan is delinquent (>120 days) and on its way to default.

    The borrower is avoiding calls/emails from me and Sallie Mae. The borrower is married and the couple live in CA. I was living in CA when I co-signed and now live overseas.

    Should the loan go into default and collection proceedings begin, could the collection agency legally be able to approach the borrower's spouse for collection purposes? I've been told Sallie Mae will approach both the borrower and the co-signer for repayment if a loan goes into default. I'm not sure if the spouse plays into the situation as well?

    If I try to locate the borrower in person regarding the loan, could the borrower be sued for the funds used for this purpose (e.g. background checks, plane tickets, etc.)?

    Thanks in advance to any who can offer advice on my situation.
    Cosignerblues

  2. #2
    Join Date
    Mar 2008
    Posts
    176

    Default Re: Cosigner of Sallie Mae Delinquent Loan

    have you contacted sallie mae to see if you can be removed as a co-signer?

  3. #3
    Join Date
    Aug 2008
    Location
    Germany
    Posts
    2

    Default Re: Cosigner of Sallie Mae Delinquent Loan

    Yes, I've spoken w/Sallie Mae and one can only be removed as a co-signer if the borrower makes on-time payments for 24 months consecutively and even then, it is at Sallie Mae’s discretion as to whether or not the co-signer can be removed.

    At this point in time, unfortunately, I am not eligible to be considered for removal as the co-signer.

    1. Sponsored Links
       

Similar Threads

  1. Cosigners: Cosigner Release for Private Student Loans with Sallie Mae
    By GoddessVirage in forum Debts and Collections
    Replies: 1
    Last Post: 10-19-2010, 01:47 PM
  2. Repossession: Aggressive Contacts By a Lender Over a Delinquent Loan
    By speed_racer_801 in forum Cars and Dealerships
    Replies: 2
    Last Post: 06-21-2010, 05:08 AM
  3. Cosigners: How Does a Cosigner Get Released from a Sallie Mae Private Loan
    By sfx949 in forum Debts and Collections
    Replies: 4
    Last Post: 04-28-2010, 04:43 PM
  4. Cosigners: Sallie Mae Cosigner Stuck Paying the Loan
    By LawBlues in forum Debts and Collections
    Replies: 2
    Last Post: 03-06-2010, 08:58 AM
  5. Student Loans: Sallie Mae Loan In NJ
    By MikeFF206 in forum Debts and Collections
    Replies: 1
    Last Post: 10-24-2006, 08:15 AM
 
 
Sponsored Links

Legal Help, Information and Resources