I cosigned a student loan for my son, now he is in the rears. They contacted me and told me I am responsible.

Asked over 1 year ago - Ocala, FL

They told me they will put a lein on the home my husband and I owe. He did not sign for the loan. Can they really do this. The loan is thru Sallie Mae Corp. The man who called me was very man and very rude on the phone to me.

Attorney answers (3)

  1. Rebecca Clayton Lavie

    Contributor Level 10

    1

    Lawyer agrees

    Answered . If the home in question is your homestead property, it is protected under Florida law. The Florida constitution provides broad protection for homestead property from forced sale by creditors. With the exception of taxes, mortgages, and debts incurred to improve the property (such as construction liens), a creditor cannot foreclose against a debtor's homestead property to enforce a debt. However, if you cosigned your son's loan, you are legally responsible for making the payments if your son does not. Sallie Mae would be within its rights to file an action in court to enforce the contract. This could result in judgment being entered against you. Your wages or personal property could be subject to garnishment, and any non-homestead property you own could be subject to forced sale in order to enforce the judgment.

    This answer is for informational purposes only. It does not constitute legal advice and does not create an... more
  2. Lawrence Joseph Marraffino

    Pro

    Contributor Level 13

    Answered . You are responsible, the question is how far in arrears is your son? Before they take collection action, negotiation with Sallie Mae is in order. I have seen cases where Sallie Mae works with people and makes affordable payment plans. If your son is not going to pay, this may be your only option. However, your home is safe.

    Lawrence J. Marraffino
    Florida Debt Lawyer
    www.ljmpa.com

    This answer cannot be a substitute for legal advice which requires more information from the client than can be... more
  3. Kathryn Ursula Tokarska

    Contributor Level 16

    1

    Lawyer agrees

    Answered . When you co-sign on a loan you are responsible for loan payments so if the other party doesn't make payments, the creditor can go after both the borrower and co-borrower. If this is a private student loan, in order to put a lien on the property the creditor would need to get a judgment against you. They do this by suing in court.

    I am not YOUR lawyer. Don't rely on answers to questions as legal advice. For legal advice contact a Bankruptcy... more

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