What is the name of your state (only U.S. law)? Texas.
Hello,
I live in Ga. but my step son lives in Texas. Four years ago he asked me if I would co-sign a loan for him. He said it was $1,400 for a Sallie Mae school loan. He had one class to finish. I agreed and gave him my SS#.( I know...not too smart). I never received any papers to sign. He kept deferring the payments and stayed a couple more years in college. He had promised me he was going to pay off the 1,400 as soon as he joined the military. They would pay for it. Very long story short...he ended up using my information to "co-sign" a couple more loans to the sum of 10,000. He basically lied to me.
I received a call from Sallie Mae the other day saying my loan I co-signed for was past due two months. I told them I didn't co-sign for 10,000. The man from Sallie Mae gave me the fraud dept phone #. He was going to connect me immediately, but I told him I needed to talk with my step son and husband about this.
My husband looked up some information and it says that fraud is a federal offense punishable by up to 30 years in prison. Neither one of us want that, not for that long. I know we don't get to pick and choose but we don't want him in prison that long.
Both of us have no problem with him going to jail for a year or two. We hope this will straighten him out. After alot of anger, my husband has spoke with him and my step son said he was going to pay it monthly. In the meantime, if he doesn't my credit goes down the tube and I don't know if he will keep up the payments.
My question is this. Is there any way I can get my name off as co-signer legally without turning him in for fraud? And is it possible he could get a lighter sentence than 30 years? Does anyone know what the approx sentencing would be if we were to turn him in for forging the document?
Thank you very much!
Hello,
I live in Ga. but my step son lives in Texas. Four years ago he asked me if I would co-sign a loan for him. He said it was $1,400 for a Sallie Mae school loan. He had one class to finish. I agreed and gave him my SS#.( I know...not too smart). I never received any papers to sign. He kept deferring the payments and stayed a couple more years in college. He had promised me he was going to pay off the 1,400 as soon as he joined the military. They would pay for it. Very long story short...he ended up using my information to "co-sign" a couple more loans to the sum of 10,000. He basically lied to me.
I received a call from Sallie Mae the other day saying my loan I co-signed for was past due two months. I told them I didn't co-sign for 10,000. The man from Sallie Mae gave me the fraud dept phone #. He was going to connect me immediately, but I told him I needed to talk with my step son and husband about this.
My husband looked up some information and it says that fraud is a federal offense punishable by up to 30 years in prison. Neither one of us want that, not for that long. I know we don't get to pick and choose but we don't want him in prison that long.
Both of us have no problem with him going to jail for a year or two. We hope this will straighten him out. After alot of anger, my husband has spoke with him and my step son said he was going to pay it monthly. In the meantime, if he doesn't my credit goes down the tube and I don't know if he will keep up the payments.
My question is this. Is there any way I can get my name off as co-signer legally without turning him in for fraud? And is it possible he could get a lighter sentence than 30 years? Does anyone know what the approx sentencing would be if we were to turn him in for forging the document?
Thank you very much!