Student Loans : (

[technoreid1]

I was just wondering if I default on my student loans could they come after MY WIFE in any way, shape, or form? I have both private and federal loans.

My loans were incurred before we got married and she is worried because everything is in both our names.... (we live in CA - not sure if this matters)

She works - I do not right now.

We will not own a house (in the process of foreclosure + bankruptcy) but we do own a new car in both of our names with a big loan.

any ideas?

thanks, techno

[JollyGG]

I don't know the answer to your question.

However, I would urge you not to default on your student loans. They are a creature that never goes away. If you don't deal with them in some way they will continue to follow you around and haunt you.

Are these federal or private loans?

If they are federal you have alot of options on repayment. Get on the phone to your lender and figure out what option works for you. You can even put loans into forbarance or deferment for a short period of time if you can't pay anything right now.

[MomIcantFindmy]

Contact the Student Loan people. They usually have a plan to defer payments for a while when you are unemployed. We did that back in 1997 and defered them for two years.

[lrprn]

I was just wondering if I default on my student loans could they come after MY WIFE in any way, shape, or form? ... My loans were incurred before we got married and she is worried because everything is in both our names.... (we live in CA - not sure if this matters)

Although CA is a community property state, since your student loans are pre-marriage, your wife cannot be held financially responsible for oaying your student loans even if you default. However, one of your lenders could put a lien on your half of your mutually owned car if they take you to court for non-payment and get a judgment against you.

However, as you've already been advised by others here, it would be far better to contact your student loan lenders and put the loans into deferment. Default can create a spiraling snowball of late fees and other penalties that you will never recover from.

Check out this information from Nolo about what your oprtions are when you can't pay your student loans - http://www.nolo.com/article.cfm/pg/1...3/208/135/ART/ . The very worst thing you can do to deal with your loans is do nothing.

[technoreid1]

Thanks for your response!

I have both private and federal loans.
They have been in forbearance for 5 years already....

My forbearance time has beeen up on my private loans for awhile....

Actually I have been paying for the last (about) 2 years on my private loans (no lates, perfect history) interest only....

but I am in some deep financial trouble right now and my wife has actually been helping me pay them but the loan amounts are increasing and we cannot afford the increased amount....


thanks, techno

I don't know the answer to your question.

However, I would urge you not to default on your student loans. They are a creature that never goes away. If you don't deal with them in some way they will continue to follow you around and haunt you.

Are these federal or private loans?

If they are federal you have alot of options on repayment. Get on the phone to your lender and figure out what option works for you. You can even put loans into forbarance or deferment for a short period of time if you can't pay anything right now.

[technoreid1]

Thanks for your advise - it really seems like you know what you are talking about : )

I am pretty much out of deferments (on my private loans at least) - not sure yet on my federal loans. (my loan totals will be about $600 a month)

Also my 81 yr old mother co-signed for my private loans and I feel really bad because I wont be able to pay.... and they will bother her... but she does not own any property and her bank account is in a relatives name. I asked my attorney on this and he said she is "judgement proof". But she is still worried about her credit score. (which I assume will take a hit?)

So you don't think they would be able to garnish my wifes wages?

What if we put the car fully in my wifes name? Is that possible?

Also could they somehow come in our home and take stuff (i.e., couch, TV, ect...?) ?

Going to check out the NOLO site now too!

Thanks, techno

Although CA is a community property state, since your student loans are pre-marriage, your wife cannot be held financially responsible for oaying your student loans even if you default. However, one of your lenders could put a lien on your half of your mutually owned car if they take you to court for non-payment and get a judgment against you.

However, as you've already been advised by others here, it would be far better to contact your student loan lenders and put the loans into deferment. Default can create a spiraling snowball of late fees and other penalties that you will never recover from.

Check out this information from Nolo about what your oprtions are when you can't pay your student loans - http://www.nolo.com/article.cfm/pg/1...3/208/135/ART/ . The very worst thing you can do to deal with your loans is do nothing.