Co-signer on student Loan

[Itsallgood123]

I live in Ohio and recently my elderly mother was asked to cosign for a student college loan for her grand daughter. My mother received a call from the finanacial institution and gave personal and some financial information over the phone and from what i understand the call was recorded and they continued to ask if my mother agreed. (with what i dont know)as the conversation progressed. I was not present for this conversation. They asked my mom for her email address which she has none. I want to know how she is approved for something she has never seen or read the terms of and has never received anything via mail including copies of the loan agreement or any type of promissary note. I have great concerns about this issue because I live with my mother and I am 50% invested in our home and property. The house is in my mother's name but will someday thru a will be mine. Can this property be held up in an estate matter until the loan for which she is supposedly a cosigner on is paid in full. What about her savings account? I have already checked with our finanacial institution and we will not be able to borrow against our home for any major sum of money because my mothers debt ratio will show as high. She is also a cosigner for another loan from the same family member. Any information/guidance is much appreciated.

 

[LdiJ]

I live in Ohio and recently my elderly mother was asked to cosign for a student college loan for her grand daughter. My mother received a call from the finanacial institution and gave personal and some financial information over the phone and from what i understand the call was recorded and they continued to ask if my mother agreed. (with what i dont know)as the conversation progressed. I was not present for this conversation. They asked my mom for her email address which she has none. I want to know how she is approved for something she has never seen or read the terms of and has never received anything via mail including copies of the loan agreement or any type of promissary note. I have great concerns about this issue because I live with my mother and I am 50% invested in our home and property. The house is in my mother's name but will someday thru a will be mine. Can this property be held up in an estate matter until the loan for which she is supposedly a cosigner on is paid in full. What about her savings account? I have already checked with our finanacial institution and we will not be able to borrow against our home for any major sum of money because my mothers debt ratio will show as high. She is also a cosigner for another loan from the same family member. Any information/guidance is much appreciated.

The ownership of the home needs to be changed to joint tenants with rights of survivorship so that the home would pass to you outside of her estate. It would also be wise for you to be added to her bank account as well for the same reason.

 

[Humusluvr]

I live in Ohio and recently my elderly mother was asked to cosign for a student college loan for her grand daughter. My mother received a call from the finanacial institution and gave personal and some financial information over the phone and from what i understand the call was recorded and they continued to ask if my mother agreed. (with what i dont know)as the conversation progressed. I was not present for this conversation. They asked my mom for her email address which she has none. I want to know how she is approved for something she has never seen or read the terms of and has never received anything via mail including copies of the loan agreement or any type of promissary note. I have great concerns about this issue because I live with my mother and I am 50% invested in our home and property. The house is in my mother's name but will someday thru a will be mine. Can this property be held up in an estate matter until the loan for which she is supposedly a cosigner on is paid in full. What about her savings account? I have already checked with our finanacial institution and we will not be able to borrow against our home for any major sum of money because my mothers debt ratio will show as high. She is also a cosigner for another loan from the same family member. Any information/guidance is much appreciated.

If she knows which financial institution called her, I would suggest calling them and asking for everything in writing. She will HAVE to sign something for the loan to take place, as far as I understand. Does she WANT to do this loan, or is she being pressured?