Can I legally remove myself from a private student loan that I cosigned for my ex wife?
I cosigned on a student loan for my ex wife. I has just come to my attention that she is now 152 days delinquent on the payments. The collection agency states they will seize my property or garnish my wages if I don't make the $1000 payment. Will they go after her first? Do I have any protection? We have no contact with each other, but it is my understanding that she is married and has a family now. Can this responsibility be transferred from me to her husband? Are there any legal actions I can take to remove my name from the loans? Will they really garnish my wages or is that a scare tactic? I live in TX.
- Donald BLv 79 years agoBest Answer
The bottom line is that you are going to have to pay it and then sue her for the money. You have no protection.
- RoaringMiceLv 79 years ago
That's not a scare tactic - that's a genuine scare. They absolutely can garnish your wages. And they will. They will also destroy your credit. Take your tax returns. Take your social security when you get old. Oh, happy days.
They have already tried to go after her. She could not or would not pay the loan, so then they go to the cosigner. They will then try to garnish whoever's wages they can get their hands on - yours, hers, the cat's if he co-signed. They will go go go until they get their hands on their money.
You should look at your divorce decree. And you should contact your divorce lawyer. This should have been something dealt with during your divorce. And it may have been - talk to that lawyer. Your assets *and* your debts should have been covered in the divorce.
I think it's the case that if your divorce decree had assigned this loan to her, and if you'd then gone to the loan company and asked to be taken off the loan, they'd have done so. But now the loan is in default, and I'm not sure what, if anything, you can do now. Again, talk to that lawyer.
- Anonymous9 years ago
remarried or not its still only her name and your name on the loan and one of you is who has to pay it back