I made the mistake of cosigning a student loan for my vindictive wife. We are now going through a divorce after only a year of marriage. In her divorce papers she asked for me to pay one 1/2 of the student loan that I cosigned on. Can I be forced to pay on the loan even though i was only trying to help her get a lower interst rate by cosigning for her?
2007-11-17 15:33:00 · 10 answers · asked by Serenity 1 in Family & Relationships ➔ Marriage & Divorce
I have a lawyer and am just looking for opinions or similiar experiences.
2007-11-17 15:42:33 · update #1
It varies by state ask your attorney. In most states (if not all) student loans are considered federal debt and therefore can be taken from wages even in states that don't allow the garnishment of wages to a creditor. I know my ex-mother in law had co-signed two of my earliest student loans about 15 years ago and when I divorced her son and switched jobs they were calling her to pay...of course unlike your wife, I'm not comfortable expecting someone else to pay a debt I incurred so I did my best to catch my payments up and never had to use a co-signer on students loans after that time.
2007-11-17 15:52:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Unfortunately you are liable to pay your share of the student loan. Even worse, the whole thing if she defaults. Unless, it is stated in the divorce papers that you are not responsible for the loan. Even if this is so, your name is still in ink on those financial papers. It doesn't matter why you cosigned on the loan, the bank doesn't care. If she doesn't make the payments, the bank has someone else to go after. YOU.
2007-11-17 15:41:19 · answer #2 · answered by jognmiles 3 · 0⤊ 0⤋
See a lawyer, but I think so. When you signed that loan, you became the 1/2 owner of the debt. However, the lender will come after you for all of the amount owed, if your wife doesn't pay. This is something that needs to be negotiated in your financial settlement. Good luck.
2007-11-17 15:42:40 · answer #3 · answered by basketcase88 7 · 0⤊ 0⤋
A cosigner is in effect approving a contract. By law you said ,"yes. I'll help ". So legally you are on the hook. The excuse for signing doesn't matter. It is the signature that the court will uphold.
2007-11-17 15:44:11 · answer #4 · answered by googie 7 · 0⤊ 0⤋
You can be forced to pay the entire loan if SHE defaults on it. I suggest you at least agree to pay half...Unless you want to wind up with your credit being shred to pieces when she defaults and it goes into collections and the bank sues YOU, because she shows no visible means of payment in any form. (In other words no job, no income...)If you have a job/income they WILL come after you for payment. And don't ASSume she is being vindictive...her lawyer probably told her to request you pay off half of her debts, it is common practice.
2007-11-17 19:16:07 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes you are....there is a reason that you are a cosigner...whoever gave your wife the loan didn't think she would be able to pay it back and wanted assurance that they will get their money....They will come after you if she doesn't pay...
2007-11-17 15:38:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
By law, yes your responsible. However, you can use this as a bargining chip. For example if she wants the house, or car or support, you can say if I do this one I dont pay that one.....
2007-11-17 15:49:41 · answer #7 · answered by T I 6 · 1⤊ 0⤋
gdont give her any money or pay till youve spoken to a lawyer
2007-11-17 15:36:13 · answer #8 · answered by ? 4 · 0⤊ 0⤋
If you co-sign, you have to pay.
2007-11-17 15:45:23 · answer #9 · answered by kny390 6 · 0⤊ 0⤋
yes you are by law ask a lawer , my opion?
2007-11-17 15:38:23 · answer #10 · answered by the_silverfoxx 7 · 0⤊ 0⤋