trouble with sally mae

[fastosprintini]

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dear all, maybe someone here can give me advice about the following problem; my wife who is a good, kindhearted person cosigned a loan for a friends son several years ago , at this time the friend and her son were recent immigrants and did not have sufficient credithistory to qualify for this loan .
unfortunately (you guessed it already)the friends son decided to quit school and instead pursue a carreer in the los angeles real estate market with very poor results...
now we're getting notifications from sally mae requesting payments, threatening reports to the national credid bureaus .
is anybody aware of a way out of this mess?
thank you for your help, fasto

 

[powermd]

That's simply awful. I'm heartbroken by your story and moved by the courage it took to discuss it in a public forum. I want you to know, I believe you!

Would you like me to send $10,000 cash? Is that enough? How about $20,000? We're all rich anesthesiologists here and can easily spare the money. Just post your address and I'll have the bank send a check ASAP.

🙄

 

[badgas]

dear all, maybe someone here can give me advice about the following problem; my wife who is a good, kindhearted person cosigned a loan for a friends son several years ago , at this time the friend and her son were recent immigrants and did not have sufficient credithistory to qualify for this loan .
unfortunately (you guessed it already)the friends son decided to quit school and instead pursue a carreer in the los angeles real estate market with very poor results...
now we're getting notifications from sally mae requesting payments, threatening reports to the national credid bureaus .
is anybody aware of a way out of this mess?
thank you for your help, fasto

Well, a way to avoid that mess from starting is to NOT cosign random immigrant's loans. This is not really a anesthesiology topic though... maybe this should be moved to the common sense form? J/K, good luck but I'd venture to guess that you are stuck with an immigrants loan.

 

[OldManDave]

dear all, maybe someone here can give me advice about the following problem; my wife who is a good, kindhearted person cosigned a loan for a friends son several years ago , at this time the friend and her son were recent immigrants and did not have sufficient credithistory to qualify for this loan .
unfortunately (you guessed it already)the friends son decided to quit school and instead pursue a carreer in the los angeles real estate market with very poor results...
now we're getting notifications from sally mae requesting payments, threatening reports to the national credid bureaus .
is anybody aware of a way out of this mess?
thank you for your help, fasto

Whether or not this is a real post or not is immaterial...and I agree that it is not particularly germane to "anesthesiology". However, simply responding in a non-flippant manner should not be too much to ask. This could be a legit request for info...sure as hell is not an invitation to 'flame war'.

Anyhow - regarding the OP - I fear that under the circumstances you describe, your wife - not you, unless you also signed - can be & apparently will be held accountable for this debt. If you read the "fine print" on co-signing loans, that is what it is all about. Essentially, the applicant does not have sufficient merit to qualify on their own; so the lender agrees to lend on the strength & potential obligation of the co-signator. It is minimally different than you wife having taken the loan & handed it/loaned it to the kid herself.

The only possible recourse I could see - and I sure as hell would not hope too much because Sallie Mae can be an unforgiving taskmaster - is to contact Sallie Mae & ask if their is a grievence/appeals process that she could apply to. I would also consider contacting an attorney to see how feasible it would be for your wife to subbrogate the funds she is being held culpable for from the kid. It is possible that she might be able to have funds redirected from the kid's earnings to eventually be paid back...again, that may be a thin legal-leg to stand upon.

 

[fastosprintini]

🙁 the OP returns to say... thank you badgas and oldmandave .

 

[Trisomy13]

That's simply awful. I'm heartbroken by your story and moved by the courage it took to discuss it in a public forum. I want you to know, I believe you!

Would you like me to send $10,000 cash? Is that enough? How about $20,000? We're all rich anesthesiologists here and can easily spare the money. Just post your address and I'll have the bank send a check ASAP.

🙄

and... now we know more about you.

 

[powermd]

and... now we know more about you.

The OP deserves sarcasm.

If he's looking for financial advice, an anesthesiology forum is far from the first place he should be looking. A good place might be... a certified finacial planner, perhaps? Maybe even... A LAWYER?

I don't think he posted here seeking our kindhearted moral support.

 

[toofache32]

Not to state the obvious or be rude, but why would you ever cosign a loan if you weren't prepared to pay it?

 

[Frank Rizzo]

That's simply awful. I'm heartbroken by your story and moved by the courage it took to discuss it in a public forum. I want you to know, I believe you!

Would you like me to send $10,000 cash? Is that enough? How about $20,000? We're all rich anesthesiologists here and can easily spare the money. Just post your address and I'll have the bank send a check ASAP.

🙄

Somebody's having a bad day!

TO the OP, read the fine print and get a GOOD lawyer.

 

[Trisomy13]

The OP deserves sarcasm.

If he's looking for financial advice, an anesthesiology forum is far from the first place he should be looking. A good place might be... a certified finacial planner, perhaps? Maybe even... A LAWYER?

I don't think he posted here seeking our kindhearted moral support.

no need to justify yourself 🙂

 

[fastosprintini]

ok, thats enough...😡
while i'm fully aware that my wife has made a mistake as well as this is not a legal advice board , i'd appreciate if people could keep their useless/unwarranted/ sarcastic remarks to themselves!
just to put it in perspective, i could pay off the loan with three days of work, but rather balk at the thought of letting somebody get away with it.
i do not think that all the sarcastic posters never made a mistake ..
fasto

 

[badgas]

ok, thats enough...😡
while i'm fully aware that my wife has made a mistake as well as this is not a legal advice board , i'd appreciate if people could keep their useless/unwarranted/ sarcastic remarks to themselves!
just to put it in perspective, i could pay off the loan with three days of work, but rather balk at the thought of letting somebody get away with it.
i do not think that all the sarcastic posters never made a mistake ..
fasto

Uhhh... you can pay it off in 3 days? You don't have a problem pal. That's ridiculous. So here is all I have for you.

 

[powermd]

ok, thats enough...😡
while i'm fully aware that my wife has made a mistake as well as this is not a legal advice board , i'd appreciate if people could keep their useless/unwarranted/ sarcastic remarks to themselves!
just to put it in perspective, i could pay off the loan with three days of work, but rather balk at the thought of letting somebody get away with it.
i do not think that all the sarcastic posters never made a mistake ..
fasto

Why are you here?

 

[OldManDave]

ok, thats enough...😡
while i'm fully aware that my wife has made a mistake as well as this is not a legal advice board , i'd appreciate if people could keep their useless/unwarranted/ sarcastic remarks to themselves!
just to put it in perspective, i could pay off the loan with three days of work, but rather balk at the thought of letting somebody get away with it.
i do not think that all the sarcastic posters never made a mistake ..
fasto

Fasto;

A small piece of advice to you - always bear in mind that this is an anonymous, internet-based forum. On one hand, that can be a fantastic vehicle for earnest communication. On the other hand, some folks think that gives them an unfettered license to mouth off. Usually, not always, these same folks would be oh so silent were the exchange to take place in person.

Also, not that this applies here, you should bear in mind that the subtleties of non-verbal comm & intended sarcasm get lost in text-only communication - this frequently causes unintentional heated exchanges.

Anyhow, my advice is to be like a duck & let verbal provocations roll off of your back. There more you protest or defend yourself, the more it energizes the exchange. They are best ignored...in fact, I think you have the capacity to set individual screenames to "ignore" somewhere in your personal control panel so that their replies to your posts never show up for you.