Posted on 08/06/2014 6:47:14 AM PDT by Innovative
Lisa Mason had taken out close to $100,000 in student loans in order to pay for nursing school, and was making payments on the debt when she died. Steve Mason said he and his wife, who had co-signed the loans, were contacted immediately after his daughters death and were told they must start making payments.
We knew if she didnt pay her debt we would be responsible by co-signing, but we didnt know that if she died the debt would fall to us, he said.
Mason said his daughters debt has ballooned to $200,000 and the payments exceed $2,000 a month.
(Excerpt) Read more at foxnews.com ...
My wife and I refused to sign our kids loans. We have always told them if they faced desperate times, we would help out. I explained to them that this was a combination of our “love” for them, but if something happened and they died—then I would not be legally bound to pay their debts beyond their estate.
Once they understood, they were cool with it.
File for bankruptcy.
~Ronald Reagan
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uh....what exactly did they think “co-signing” means?
Apparently bankruptcy doesn’t wipe out student loans in CA — the article mentioned that.
They signed a contract. That’s the way it works.
Move. Then file for bankruptcy. ;)
We knew if she didnt pay her debt we would be responsible by co-signing, but we didnt know that if she died the debt would fall to us, he said.
There may be a valid diminished capacity defense here. Her parents are obviously low grade morons.
morons......
There is a 25% penalty if you go something like 14 months without making payments. That’s a big hit!
there is such a thing as loan insurance to cover such events.
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