My question involves collection proceedings and statute of limitations in the States of: Michigan, NY and Georgia
My wife and mother-in-law cosigned on a private student loan in Michigan back in the early 2000s for my wife to attend school in Georgia (they applied online). Due to unfortunate circumstances, the loan went into collections in 2006. However, they had made a payment arrangement and were paying regularly. My wife was already living in Georgia when it was in collections and my mother-in-law moved to New York in 2014 while it was in collections.
The loan was sold to another collection agency back in 2011 and my wife inadvertently missed a payment back in October 2015. Since then she has not made a payment as we learned through our web research that we could send a letter to the collection agency requesting original documentation that they owned the original loan. Since October 2015, the loan has been sold repeatedly and no one has been able to furnish original documentation that they own the loan. Every time we request original documentation, they send copies of old faxes then disappear and we then hear from a new collection agency or law firms acting on behalf of the collection agency months later. However, my mother-in-law is concerned about how long this whole process will take and based on my research I understand that the SOL would dictate the amount of time a debt collector could legally sue. What I am not aware of and cannot find information on is which state's SOL would take charge here.
Again:
- the private student loan originated in Michigan, for use to attend a Georgia college
- my wife has not lived in Michigan since the loan was originally opened
- my mother-in-law, the other cosigner, relocated to NY in 2014
- last payment made (as part of verbal agreement) was in October 2015
I would really appreciate if anyone can explain to me which state's SOL take charge here. Also, I read somewhere that Georgia's SOL may actually be 4 years for private loans, but the majority of my research shows it is 6 years, like the other two states. So I'm hoping someone can clarify and confirm what is Georgia's SOL. Thanks in advance!
My wife and mother-in-law cosigned on a private student loan in Michigan back in the early 2000s for my wife to attend school in Georgia (they applied online). Due to unfortunate circumstances, the loan went into collections in 2006. However, they had made a payment arrangement and were paying regularly. My wife was already living in Georgia when it was in collections and my mother-in-law moved to New York in 2014 while it was in collections.
The loan was sold to another collection agency back in 2011 and my wife inadvertently missed a payment back in October 2015. Since then she has not made a payment as we learned through our web research that we could send a letter to the collection agency requesting original documentation that they owned the original loan. Since October 2015, the loan has been sold repeatedly and no one has been able to furnish original documentation that they own the loan. Every time we request original documentation, they send copies of old faxes then disappear and we then hear from a new collection agency or law firms acting on behalf of the collection agency months later. However, my mother-in-law is concerned about how long this whole process will take and based on my research I understand that the SOL would dictate the amount of time a debt collector could legally sue. What I am not aware of and cannot find information on is which state's SOL would take charge here.
Again:
- the private student loan originated in Michigan, for use to attend a Georgia college
- my wife has not lived in Michigan since the loan was originally opened
- my mother-in-law, the other cosigner, relocated to NY in 2014
- last payment made (as part of verbal agreement) was in October 2015
I would really appreciate if anyone can explain to me which state's SOL take charge here. Also, I read somewhere that Georgia's SOL may actually be 4 years for private loans, but the majority of my research shows it is 6 years, like the other two states. So I'm hoping someone can clarify and confirm what is Georgia's SOL. Thanks in advance!
Cosigners: Two Cosigners Live in Different States from Where Original Loan Originated
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