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 Attorney for a consultation. Tokarska Law Center is a Federal Debt Relief Agency representing individuals and businesses in filing for bankrutpcy protection under the U.S. Bankrutpcy Code. Kathryn U. Tokarska is a San Diego Bankruptcy Attorney, owner of Tokarska Law Center, 185 West F Street #100, San Diego, CA 92101, (619) 285-1992 www.sdbankrupt.com
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 attorney-client relationship. There may be relevant facts not included in the question that could change this answer. For specific advice, please consult with a licensed attorney in your jurisdiction.
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
This answer cannot be a substitute for legal advice which requires more information from the client than can be obtained in this forum. Therefore this answer CANNOT BE RELIED UPON AS LEGAL ADVICE FROM THIS ATTORNEY.