Legal Question in Banking Law in Texas
Repayment of co-signed salliemae loan
My late husband co-signed for a school loan for my son and all that was filled out was the loan application which they both signed. There was never a loan agreement signed. After my husband passed away I called the company and was told to send the death certf. which I did and the loan would be taken care of by Nelliemae. Now they are saying that the loan has to be paid for by my son even though there was nothing signed except the loan application. I'm quite confussed by being told one thing and then they are telling me another. Would you please tell me the legal aspects of this situation? Thank you
1 Answer from Attorneys
Re: Repayment of co-signed salliemae loan
Loan application is a contract that probably had your son as a primary applicant. Even though your husband's death got him out as a gurantor, your son stays responsible for the loans that he took.
Dinesh Singhal
713-222-8500
Licensed to practice in Texas, California & New York
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