Legal Question in Banking Law in New York


Thank you for your time.

My question is as follows:

I defaulted on a private student loan with a co-signer (my mother). I can't afford to pay. I share a living space, which is a low-income co-op with my co-signer who is a Social Security recipient. I learned about liens. I read online that her Social Security can't be garnished by the bank... but can they lien the co-op? What would it mean if the bank did so? Can our co-op kick us out?

Thank you.

Asked on 5/04/20, 12:24 pm

1 Answer from Attorneys

Locksley Wade Law Office of Locksley O. Wade

You are jumping waaaaay ahead and assuming that your mom's housing would be in jeopardy without a court judgment. You are getting bits-and-pieces of information that is not accurate as to your situation. You should/need to see a loan counselor for low income student loan precipitants. Search on the internet for such an organization.

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Answered on 5/04/20, 12:57 pm

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