I cosigned my ex-wifes student loan and she hasn't paid. Am I responsible?

My ex wife who is remarried asked me to cosign a student loan for her. She spent all the money, is no longer in school and is close to being in default. Since she was married at time of loan to another man, and this is a community property state, is he obligated to repay loan before they come after me to collect?

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  • 1 decade ago
    Best Answer

    Jeff this is why lenders insist on cosigner, to keep them away from trouble. Did u go through the terms & conditions when you have signed her student loans papers, it clearly says that cosigner are responsible for any misdemeanor of the person who is taking the loan. If they call u explain them the whole situation & lets see what they can do for you. However, it is unlikely that they remove your name from it.

    More on topic: http://www.studentloaninfo.org/

  • 4 years ago

    A divorce has no effect on an agreement with a 3rd party lender unless the lender agreed to the terms as well. Bankruptcy won't help you on this because: "The 2005 amendments to the Bankruptcy Code expanded the protection of student loan lenders to include private student loans. Thus no student loan is dischargeable in bankruptcy unless the court finds, in a specially filed adversary proceeding, that repayment of the loan would impose an "undue hardship" on the debtor and the debtor's dependents." Amended Bankruptcy Code § 523(a)(8)(B) adopts the IRS definition of a qualified education loan found in 26 U.S.C. 221(d). As I also learned the hard way - never co-sign for anything that you aren't willing to pay for yourself. The loan people KNEW she was a credit risk or they wouldn't have asked for a co-signer. The only way out from under it is to pay it off and then sue her. You might want to consider borrowing the money elsewhere for a payoff where you can control the terms.

  • 1 decade ago

    you're responsible for the loan...Her husband has nothing to do with it cause his name is not in the loan or contract. The loan is between you and her. When you co-sign, the lenders will be after the next person to go to when the primary person can't pay the debt and that's you... Take it as a lesson learned and don't co-sign for anybody...

  • 1 decade ago

    If you cosigned the loan then I'm sure you will be held responsible if she defaults. After all he didn't put his name on it.

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  • 1 decade ago

    If your ex defaults on the loan then yes it falls on you to pay it back as the co-signer

  • 1 decade ago

    Since you cosigned the loan, you are on the hook.

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