TF members: I am writing this on behalf of my wife as a last resort. My wife and I have run out of options and we're hoping the experienced posters on TF have some advice we'll find useful. I won't get into the nitty-gritty details on a public forum, but here's a basic rundown of the situation:

- Wife filed for bankruptcy years ago; all but two student loans were discharged
- Sallie Mae, the creditor for both loans, denied her access to pay one of them (a private loan)
- She's current on the federal loan
- Recently, Sallie Mae suddenly claimed she was 480+ days delinquent on the private loan; this loan had apparently been assigned to the co-signer for some time; they are now demanding a $3000+ payment
- Loan was apparently sold to a collections agency; wife signed new repayment terms with collections agency, only to have Sallie Mae call her and claim they "took the loan back"

The most troublesome problem in all of this is we can't find a single lawyer who is even willing to talk with us about the case! My wife has tried calling every lawyer she can find and none of them "have time for new cases."

We don't know what to do.

EDIT: She just spoke with a lawyer who quoted her $300/hr to take the case. Obviously, we're not able to pay a rate like that for the amount in question.

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we can't find a single lawyer who is even willing to talk with us about the case!

That's TROUBLING AS HELL. I wish I had some advice for you.

There are a few lawyers on the forum, hopefully one will contact you.

Call Clark Howard's radio show. Post on his forum. He handles debt issues like this all day long.

I work in the mortgage industry, and this is pretty common. Since delinquent student loans have to be resolved before borrowers can qualify for government insured/guaranteed loans, I'm used to helping borrowers resolve student loans.

PM me for my fax number so you can fax me the paperwork from Sallie Mae and the collection agency. If needed, I can do some conference calls with your wife and Sallie Mae/credit agency later this week.

I don't mind reviewing docs and making calls gratis for a TF'r.

Do_the_math: You have no idea how big a benefit you are to tickerforum. If there's ever anything I can do for you, please don't hesitate to ask.

She knows

Knows or not, it needs to be said from time to time. :)

Help is very, very much appreciated. We've tried to go it alone but we're out of options at this point.

I consider myself to be at least somewhat educated on these types of issues, thanks mostly to TF; I can only imagine how many average clueless Americans are sucked into situations like this that end up costing them way more than it should. It's really scary. That $1 trillion in student loan debt... wow... when that explodes, look out.

Oh, and do_the_math, if you ever need a computer program written, feel free to ask me.

I think the student loan debt explosion will be when people are allowed to file bankruptcy and have it included.

That'll be the explosion there.

PM sent, do_the_math.

She is heading out the door now. She will be able to respond tonight around 7- 8pm pacific time.

DTM is the real deal
she is AWESOME!

DTM:



You are great!

Nova

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we can't find a single lawyer who is even willing to talk with us about the case

Probably unwilling to even talk to anyone about it because they know that they will not be able to benefit you in a manner which they will receive what they believe to be appropriate compensation for their time.

Said another way, they know the odds are heavily lose/lose so they don't even want to waste the time to pursuing it.

Hopefully, Do The Math will be able to help you resolve your issues.

If not, the one other option that may benefit you at no cost - would be to see if you could get a staffer in your federal congressmans office to go to bat for you. This is the sort of thing some of thing like to do for their constituents. Obviously,it might not happen that way - but it is worth a shot.

And yep, DTM is the real stuff, I have long thought geckogm is a lucky man

Quick drive by.

Last week of the month is always a bitch for DTM (fundings) Hell I barely had a chance to talk to her the last few days.

If you can be patient she will be able to help you. Monday or Tuesday next week during business hours should be a good time as this friday is her last day in her current office. July 9th new office and more time as well during business hours. So there is your tip now you just have to corner her.

Sorry, DTM has been busy closing out her pipeline and dealing with the end of the month. One of my borrowers yesterday had all their stuff in a moving van, and I had to get them keys, and the underwriter decided that she only wanted to work with me. Ironically, I needed a credit supplement from a collection agency handling defaulted student loans for the NBS which I received yesterday. The end result is that the loan funded, and they got their keys.

I'll be able to tackle this situation next week now that I won't be accountable for another person's pipeline, and can set up a conference call.

The reality is that that all anyone wants is $$$$, and it a matter of making sure that affordable payments are set up with the right company.

Thank you, do_the_math. Your help is definitely appreciated and we understand if you're busy. :)

That was very kind of you DTM.

Now back on topic. The reason

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we can't find a single lawyer who is even willing to talk with us about the case!

is becuase lawyers have learned through experience that people who don't pay their bills also don't pay the legal bills. Uncollectable, uncollected accounts receivable are toxic to any business and a sure way for the lawyer to join the client in BK court.

Offer to pay cash up front and they may change their tune