| Need advice paying off student loan |
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Glitterati
New Poster
Cash: $ 0.45
Posts: 2
Joined: 17 Jan 2007
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| Need advice paying off student loan |
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Years before my husband and I met, he made the extremely unfortunate mistake of co-signing a student loan for his brother. His brother inevitably defaulted on the loan but lied to my husband telling him that he was making the payments. By this point they had already paid down $4000 of $12,0000 loan. To make a very long story short, the whole thing went to court and because his brother really was in default of the loan, the loan when back to it original amount and my husband is responsible for paying off this debt.
I have been killing myself trying to find steps that his brother can take to make the loan more affordable so that he can take over the payments. Because my husband is only a co-signer on the loan, he is unable to refinance to get a better rate or for that matter a fixed rate. Aside from wage garnishments, are there other alternatives to get his brother to start taking responsibility for the payments on his own debt? Would an agency like Consumer Credit Counseling be able to offer a better interest rate? Is there a way he can work out a deal with the lender to have smaller payments? HELP!
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Wed Jan 17, 2007 8:48 pm |
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No-Brainer
Senior Member
Cash: $ 83.45
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Joined: 29 Dec 2005
Location: Oregon USA
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That's the kind of help you will never find in a Forum, you need to be talking to your brothers lender. Of course you might be able to refinance it yourself if you have equity in a home or other investments.
I know the feeling, I'm still paying for a son's divorce.
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Thu Jan 18, 2007 4:42 am |
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Glitterati
New Poster
Cash: $ 0.45
Posts: 2
Joined: 17 Jan 2007
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We have tried talking to the useless brother's lender and it doesn't do any good. Since my husband is only a co-signer on the loan he has no rights and is unable to refinance or apply for a lower or fixed interest rate. We have also considered using a home equity line of credit to pay of the loan but that only punishes us. The whole goal is to make the loser brother responsible for his own debt. Maybe you're right. Maybe finding help in a forum is the wrong way to go.
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Thu Jan 18, 2007 4:14 pm |
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