What are my options regarding a defaulted student loan that my uncle co-signed for?
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What are my options regarding a defaulted student loan that my uncle co-signed for?
When I was in high school I found a loan online to go to college. It was a large sum of approximately $30,000 which my uncle co-signed for me 9 years ago. However for the past 5 years, I was unable to find a job that allowed me to support myself as well as my debts. It wasn’t until February of this year have I been able to began to actually make some income that I can start making payments. The debt has been unresolved for those 5 years that now legal action has been aggressively applied ports myself and my uncle. Since I have no assets they are focusing on my uncle and the only asset that he has is his home. My question is do I need a legal counsel to speak with the banks lawyers?
Asked on June 25, 2015 under Bankruptcy Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
No, you are allowed to speak to the bank's attorneys without a lawyer of your own (as long as you are 18 or over, which presumably you are), but doing so is NOT advised. Your uncle certainly should have a lawyer, since according to what you write, his home is potentially at risk; but you should have a lawyer, too, because you want to resolve this if you can. They can keep coming after you for unpaid student loan debt for years to come, so even if have no assets now, you may have assets later that would be at risk. A lawyer will increase your odds of resolving this on more favorable terms.
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