Our situation is a little complex, so please bear with me as I try to explain.
My parents who currently reside in MD are legally responsible for a large, defaulted private loan that was originally in my ex-wife’s name many years ago when we lived in Rhode Island. In the early 2000’s, when we were married, we borrowed quite a bit of money when she was in school and I was temporarily unemployed. We borrowed from Education Finance Partners, based out of CA. My parents cosigned since my credit had deteriorated. When we divorced, we mutually agreed that I would take responsibility for the majority of loans, so I contacted the loan servicer (ACS) and requested that my ex-wife’s name be removed from most of the loans, thus leaving my parents as the primary responsible party. Various loans were then consolidated into one single loan of over $100,000.
Over the years, I made hefty payments (
There are a few reasons why the loan has wandered away. One reason might be because the lender feels the loan is unenforceable for any number of reasons. One might be something I just published here.
Even if the loan is outside the Statute of Limitations a lender can still sue. You’d have to raise that issue as a defense to stop the suit.
One of the things I’ve learned over the years is the specific state that applies is not a clear answer and has to do with a lot of issues and technicalities. It really takes a legal opinion from a lawyer in your state. One place to look for a consumer attorney is here.
Since you are located in New York you might want to contact Attorney Austin Smith in New York and discuss this issue.