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Really hating myself over this.............

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  • Really hating myself over this.............

    I'm a co-signer on my daughters 2 private loans though Citi they are still in deferment. We will be filing BK before they come due so what will happen when they come due to pay. Will my daughter be notified? I'm really hating myself for every doing this as don't think she is gonna find a job in her degree (art) and we will be stuck with the loan. I co-sign alone hubby did not how will this affect my hubby? Can they put a lien on our home the deed is in his name only. I'm just sick about all of this and really hate to use our 401k when we can get to it in about 3 and 1/2 years to pay it off if she can't. I also have two federal parent plus loans that we will be paying on I stupidly listen to a money guy who had me invest money in the stock market and lost a good amount that we were going to use towards the federal loans. This was back in 2007/2008 before all the s**t hit the fan.

    Pam
    Last edited by pamkev; 07-07-2012, 08:22 PM.

  • #2
    I don't know if she will be notified or not, but whatever you do MAKE SURE the payments are paid on time from the beginning. I'm not sure about Citi, but I know that for some loans SallieMae will consider removing the cosigner after 24 ontime payments and determining that the other person on hook for the loan has the ability to pay. It is possible that Citi may have some sort of program of that nature.

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    • #3
      It is what it is. Don't hate yourself. Nobody had a crystal ball.
      Give yourself a pat on the back instead for being on the right track now. Anything can happen in the next 3 and a half years. One of you could get a nice job or a windfall. Hang in there!

      Keep On Smilin'

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      • #4
        Originally posted by TwentyTwelve View Post
        I don't know if she will be notified or not, but whatever you do MAKE SURE the payments are paid on time from the beginning. I'm not sure about Citi, but I know that for some loans SallieMae will consider removing the cosigner after 24 ontime payments and determining that the other person on hook for the loan has the ability to pay. It is possible that Citi may have some sort of program of that nature.
        Yes they do so I will make sure for at least 2 years the payments will be made on time then get are name off of it. I was just wondering since we having even begun payments if my filing BK this would throw it in to default already. My lawyer didn't think so but I thought I would ask here if anyone had the same experience. Pam

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        • #5
          Originally posted by keepsmiling View Post
          It is what it is. Don't hate yourself. Nobody had a crystal ball.
          Give yourself a pat on the back instead for being on the right track now. Anything can happen in the next 3 and a half years. One of you could get a nice job or a windfall. Hang in there!
          Thank you and if we can do it for 2 years then we are off the hook it will be tough but we will make it though. I get so depressed sometimes just thinking about all of this. Pam

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          • #6
            never hate yourself.

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            • #7
              I co-signed for my nephew and no matter how much I care about his future, I regret this.

              Your BK will not throw the loan into default. Your daughter is principle, and unless things have changed in two years, SLs can't be discharge in BK.

              My BK lawyer did not include the loan in BK, so my nephew was never notified. His loan shows on my CRs and so far it's help in one way... he has never been 30 days. That could change though if he is later than 30 days or goes into default. Then they DEFINITELY will come after me..in your case I don't believe they can put a lien on your home if the deed shows your husband only. (I'm not a lawyer tho) I do know if the SL is backed by the federal government, the dept of justice can garnish your wages WITHOUT a judgement.

              I wasn't aware of any provision of removing co-signers from SLs after 2 years of ontime payments. I'm trying very hard to clean up my credit and a default would really make my FICO sink. And of course his loan affects my income to debit ratio. OLT, when my nephew is 2 days or more late on his payments, the phone calls start..... Hope things work out for you and your daughter.
              Last edited by AngelinaCat; 07-13-2012, 07:23 PM. Reason: make post easier to read.

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              • #8
                Originally posted by mijd View Post
                I co-signed for my nephew and no matter how much I care about his future, I regret this. Your BK will not throw the loan into default. Your daughter is principle, and unless things have changed in two years, SLs can't be discharge in BK. My BK lawyer did not include the loan in BK, so my nephew was never notified. His loan shows on my CRs and so far it's help in one way... he has never been 30 days. That could change though if he is later than 30 days or goes into default. Then they DEFINITELY will come after me..in your case I don't believe they can put a lien on your home if the deed shows your husband only. (I'm not a lawyer tho) I do know if the SL is backed by the federal government, the dept of justice can garnish your wages WITHOUT a judgement.
                I wasn't aware of any provision of removing co-signers from SLs after 2 years of ontime payments. I'm trying very hard to clean up my credit and a default would really make my FICO sink. And of course his loan affects my income to debit ratio. OLT, when my nephew is 2 days or more late on his payments, the phone calls start..... Hope things work out for you and your daughter.

                Thank you. I would check with the loan copany your nephew's student loan is though to see if the 2 year option is open to you

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                • #9
                  My personal experience was that I filed chap 7 which auto defaulted my Key Bank private loan, but did NOT auto default my private Citi loan. However I was the primary on both. I was never contacted by either of those companies concerning my status until after my discharge. My cosigner also was not notified of default until after my discharge. I was paying on time, every month on both loans and for still reasons unknown, Key auto-defaulted but Citi did not. Recently though it appears that all Citi private loans are being transferred/sold to Discover so keep that in mind when you talk to Citi - they don't notify you of this happening before it happens. You just get a random letter stating that your loans are now with someone else so anything you discussed with Citi would now have to be re-negotiated with the new company. My government loans were also sold/transferred to a new company recently.

                  HOWEVER! When my loans transferred, even though it was a HUGE pain to re set up IBR payments and bank accounts for auto debit, etc... I became eligible again for a forbearances just like at the beginning right after I graduated.

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