cosigner needs help

[cosignerfool]

Made a huge mistake when I cosigned for my ex's private student loans.

 

To make a long story short we are both in the military and pulled from our normal jobs and took a pay cut. To illustrate this she is a pharmacist so do the math about 40,000 cut per year. Two attempts were made to place them into forebearance and they were denied. Greatlakes listed them as defaulted and key bank took them. Now they are listed as charge offs on both of our credits. The loans were place back into a good status and another attempt at forebearance was attempted and denied again (to this day i still haven't been given a reason why). After this they were put into a charge off status for good. The banks will not deal with me what can I do.

 

BTW she is back to here regular job making 80,000 a year with very little other debt. The loans were for 55,000 could they be refinanced??

 

Any advice would be so helpful i'm at the end of my wits

[RDRD]

Bump....

 

Does anyone have any suggestions? I'm having this same issue.

[LynnInMN]

Made a huge mistake when I cosigned for my ex's private student loans.

 

To make a long story short we are both in the military and pulled from our normal jobs and took a pay cut. To illustrate this she is a pharmacist so do the math about 40,000 cut per year. Two attempts were made to place them into forebearance and they were denied.

 

Private loans do not offer forebearances and deferments the way fed loans do. They do not have to offer them.

 

 

Greatlakes listed them as defaulted and key bank took them.

Actually Key Bank as your lender would have declared you in default and Great Lakes as a lender would have picked them up.

 

Now they are listed as charge offs on both of our credits. The loans were place back into a good status and another attempt at forebearance was attempted and denied again (to this day i still haven't been given a reason why).

Forebearances are granted at the discretion of the lender. They dont have to tell you why they make a decsion.

 

After this they were put into a charge off status for good. The banks will not deal with me what can I do.

 

BTW she is back to here regular job making 80,000 a year with very little other debt. The loans were for 55,000 could they be refinanced??

 

You might want to look at private loan consolidation. However I dont know whether defaulted loans qualify. You will have to do some research.

 

Any advice would be so helpful i'm at the end of my wits

[Cynic]

Defaulted private loans are not usually eligible for consolidation.

 

The lender is not required to grant forbearance (unless that was specified in the original promissory note, and then under the conditions specified). It is always the borrowers responsibility to continue to make payments, even after applying for a forbearance, until the forbearance has been granted.