USAC Banner 728x90



No announcement yet.

Can Sallie Mae seize my Timeshare?

  • Filter
  • Time
  • Show
Clear All
new posts

  • Can Sallie Mae seize my Timeshare?

    I'm a 70-yr. old retiree co-signed on my daughter's Sallie Mae private student loan and neither of us can make the payments they want. If this goes into default, I know they can attach 25% of my Social Security, but would they seize my Wyndham Deeded Timeshare? I live in Colorado and the deeded timeshare condo is in Hawaii; it's almost paid off, but I have practically no other assets and I would like to at least keep the timeshare to pass on to my children when I die.

  • #2
    Re: Can Sallie Mae seize my Timeshare?

    I wish to inform you that both federal and private student loans are non dischargeable. It means that even in case of bankruptcy one can get rid of the debt. The creditor can put liens on your property. Further, the added litigation costs will be added to your debt, along with interest and penalties. You and your daughter may negotiate and request your lender to apply for a delayed payment or forbearance minus interest on the loan.



    • #3
      Re: Can Sallie Mae seize my Timeshare?

      With a co-signed loan, both parties are jointly and severally liable for the repayment of the loan. Due to the non-dischargeable nature of student loans, both parties remain completely responsible for repaying the loan. While the primary borrower still remains responsible for the loan, the lender will probably pursue the person with more resources available to pay the loan. Talk to a local attorney for advice about the impact a co-signer's death has on your private student loan also.


      • #4
        Re: Can Sallie Mae seize my Timeshare?

        Even if you are a true victim of timeshare fraud or you feel your contract is invalid, the timeshare company can take you to collections if you fail to make payments. In order to avoid being taken to collections and damaging your credit score, it is very important that you properly cancel your contract with the resort before stopping to make payments.


        Previously entered content was automatically saved. Restore or Discard.
        Stick Out Tongue :p Smile :) Mad :mad: Wink ;) Frown :( Big Grin :D Confused :confused: Embarrassment :o Roll Eyes (Sarcastic) :rolleyes: Cool :cool: EEK! :eek:

        the color of a blueberry is... (write the answer twice with an "@" between the words)

        widgetinstance 213 (Related Topics) skipped due to lack of content & hide_module_if_empty option.