NEED ADVICE...... NEED TO GET OUT OF A CO-SIGNED LOAN - Page 2

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[ARCHIVED THREAD] - NEED ADVICE...... NEED TO GET OUT OF A CO-SIGNED LOAN (Page 2 of 2)

Posted: 9/8/2010 9:52:59 AM EDT

[#1]

They can get with an attorney but really they just have to pay it. Also they can then take the brother out of their will and leave him NOTHING!
Good luck.

Posted: 9/8/2010 9:56:14 AM EDT

[#2]

Over the years I have done well 'co-signing' small loans for other guys here at work.

I simply hold something of theirs as collateral and hope they DON'T pay and the loaner comes looking for me.

I wound up with a couple of NIB Ray Bans that way along with some other stuff over the years.

Now the deadbeats avoid me like the plague.

Posted: 9/8/2010 9:57:52 AM EDT

[#3]

Quoted:

Quoted:
I forget what it's called but is it the kind of loan where they lenders have to go after your brother first and exhaust their efforts before going after your parents? Oh what the heck is that called? Or can they just jump right on your parents after the first attempt.

I guess it's a mute (yes I said mute) point since your brother doesn't have any assets to go after most likely.

Proud of your primary language ignorance much? MOOT.

OP - your folks are on the hook and there's nothing they can do other than possibly co-signing on a new loan with lower payments that your brother can handle. You should kick your brothers ass.

It's a real word–– after all, it's in the dictionary! http://www.urbandictionary.com/define.php?term=mute%20point

Look on the bright side, did you ever have trouble thinking of something to write on your greeting cards? From now on, you can always dash off a "Hey, did you ever pay Mom and Dad back the $15K you owe them, you sorry deadbeat? Merry Christmas!" and fill up all that blank space on the card, without having to say something sappy like "Best wishes".

Silver linings, the world's full of them.

Posted: 9/8/2010 10:00:54 AM EDT

[#4]

From what I understand, you can not even discharge a student loan by bankruptcy. The creditors can hound you till you fall in your grave.

Here is a 4 page ARFCOM discussion on student loans:
Student Loans, Gateway Drug to Debt Slavery

Posted: 9/8/2010 10:07:23 AM EDT

[#5]

Quoted:
Your parents will have to repay the loan. Then when brother gets back on his feet, he'll pay them back.

Or more likely, they can watch him buy a new house, new cars, jet skis, and a 62" TV then complain that he's barely scraping by and can't afford to pay them back just yet.

Is he presently not paying the loan because he can't, or because he doesn't want to?

Which is why they need to pay, get a judgement against him, and when he does get a job/accumulate some aqssets- make sure that he either pays or get an execution (against his bank account, etc...–– whatever your state allows)

Posted: 9/8/2010 10:26:15 AM EDT

[#6]

Pay off the loan.

Posted: 9/8/2010 11:47:16 AM EDT

[#7]

Quoted:

Is he presently not paying the loan because he can't, or because he doesn't want to?

He is "self-employed"( I use that term loosely) and basically works when he wants. Its always feast and famine with him. 3 kids and wife dont work, he doesnt want her to. So when he has no work, they have no backup income

[ARCHIVED THREAD] - NEED ADVICE...... NEED TO GET OUT OF A CO-SIGNED LOAN (Page 2 of 2)

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