My sister took out student loans for my cousin since his mother's credit was a mess. He graduated three years ago (after being in school for 5 years).
The current balance on the loans is $34k and my cousin and his mother have missed several payments and my sister is afraid that they will go into default. My sister is also wanting to buy her first home and right now her credit is suffering miserably.
Is there any way that my sister can get the loans out of her name and into my cousin or his mother's? Is there a rehab/SL program that will let them transfer the debt?
Any advice would be much appreciated.
Thank you.
Full Version: SL nightmare
QUOTE(godschild @ Sep 28 2007, 10:34 AM) 
My sister took out student loans for my cousin since his mother's credit was a mess. He graduated three years ago (after being in school for 5 years).
The current balance on the loans is $34k and my cousin and his mother have missed several payments and my sister is afraid that they will go into default. My sister is also wanting to buy her first home and right now her credit is suffering miserably.
Is there any way that my sister can get the loans out of her name and into my cousin or his mother's?
Where these private loans?? The loan would be in both your sisters and her cousins name. And no, the lender will not allow a name substitution. If the cousin does not pay, your sister is legally liable for the account. If it defaults, she could end up being sued.
Is there a rehab/SL program that will let them transfer the debt?
No rehab for private loans.
Any advice would be much appreciated.
Thank you.
The current balance on the loans is $34k and my cousin and his mother have missed several payments and my sister is afraid that they will go into default. My sister is also wanting to buy her first home and right now her credit is suffering miserably.
Is there any way that my sister can get the loans out of her name and into my cousin or his mother's?
Where these private loans?? The loan would be in both your sisters and her cousins name. And no, the lender will not allow a name substitution. If the cousin does not pay, your sister is legally liable for the account. If it defaults, she could end up being sued.
Is there a rehab/SL program that will let them transfer the debt?
No rehab for private loans.
Any advice would be much appreciated.
Thank you.
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.