I am 27 and in $200k debt. I have no job, money or assets. I've gone through a tough time in my life with gambling addiction and after therapy, have been trying to start my life over. The majority of my debt is student loans. Only one of them has a cosigner and this is the reason I'm here. Regretably, I forged this guy's signiture as a cosigner 2 years ago for a $30k student loan ($280 monthly payments) because I needed the money immediately. I had his info because I used to manage his stocks 5 years back. He had no idea about it but I knew a lot of his info like SS#, DOB, Employer, phone numbers, address, etc. Luckily for me at the time, the creditor granted the loan application without even contacting the guy. Problem is, due to my financial situation, I haven't been able to make any payments on this loan for 6 months and the guy just found out about it because his credit limit on a credit card was drastically reduced. He checked Equifax and saw my name of the student loan. He got in touch with me last week after finding my dad's work number online. He threatened to go to the police but said he would let me go if I can somehow just get his name of the loan. I confessed to the lender that I forged his signiture. They are in the process of sending him some document that he needs to fill out saying that he did not cosign the loan. Even after my confession, they said they still won't take his name off the loan. What can I do before he goes to the authorities. I've come a long way and don't want to go to jail. Is there any way I can get his name off of the loan? Does he have a case against the lender because the lender never sent him the application for his signiture. I was in California and he was in Texas and they didn't even bother to call or write to him to confirm that he wanted to co-sign my loan. I was considering going to CCCS because I thought they were going to pay off my loan and then lend me the same or higher amount but apparently, they don't do that. Right now, any money I make from my part time job goes tomy living expenses but I feel that right now, I can manage about $500/month in payment to some kind of a loan.
The only way that I know of to get his name off the loan is to prosecute you. Sorry, to be the bearer of bad news but from what I understand its the only way. He will have to prosecute you and prove he didnt sign it...Your a recovering gambling adict?? I thought part of the twelve steps was to go back and apologize to the people you hurt and whatnot?? Seems to me you should have told him before his credit got f'ed. Anyway not here to pass judgement. Good Luck
This has progressed past the point that you can handle it yourself. I can sympathize with the other poster's comment that twelve step recovery programs require this, that or the other thing in order to make the requisite progress, but with your liberty at stake, you have bigger fish to fry. You need a criminal law attorney. Now. Before you make any more damaging admissions to anyone in the "spirit of cooperation" or for "redemption" or what have you. Nobody else will have your best interests in mind during the process. If you're going to admit to something, it will be AFTER you have been counseled that the timing and nature and extent of the admission is appropriate under the circumstances. You have committed a grievous offense, but not the type for which people typically go to jail IF they have a decent lawyer who gets them into a pretrial diversion program, etc. HOWEVER, the more you do now to "work with" the people who are now your adversaries, the less room to maneuver will be remaining when the time comes. You should be using an attorney. PERIOD.
