Sallie Mae Cosigner?

[DillCA]

We will be filing a Chapter 7 next week. My mother-in-law cosigned on a loan for Sallie Mae. I have been trying to find someone all morning to speak with at Sallie Mae, with no luck!! Our question is: Will she receive notice that we filed the bk? We do not want her to know!! If we are making the payments and it is current, will she find out?

[whipster1]

Unfortunately she will find out. No way around it as a co-signer... You may want to tell her first, she will get over it.

[TeacherMomma]

My father is a co-signer on some old Sallie Mae and AES of mine...he was never told, called, nothing. I was scared they would transfer it into his name, because Chase did - but Sallie Mae and AES didn't do it.

[whipster1]

It will show up on his credit report though...has he looked to see?

[TeacherMomma]

Yes, and it is not on there. The accounts are listed as "paid in full" or "paying as agreed" or whatever that term is.

When I talked to AES about this beforehand, they said "well he isn't claiming BK, you are - and until we think you aren't going to pay, we are not going to bother him".

And they haven't.

[DillCA]

That is promising!! Thank you so much for the information! I really appreciate it.

[jennordhavn]

You have to list all cosigners on your Ch. 7 petition and the court will notify them. Plus once you file, the loan will be transferred into the co-signers name until you are discharged, and she will receive invoices for payment. Caution with Sallie Mae: they will change the account number while you're in BK, so make sure you get the proper account number to send the payments otherwise they won't be credited properly. Once you are discharged, it takes about a month for the loan to be transferred back into your name and regain online access.