STUDENT LOAN COSIGNER
bhaskar
(Querist) 22 June 2008
This query is : Resolved
bhaskar
(Querist) 22 June 2008
I am an International student(from india) who cosigned for a student loan (9280$)of an american citizen from a private bank.The payment dates of the loan is approaching.
I got a payment schdeuel from the bank which is 82$ (monthly begining07/07/2003)and number of payment 175.being an international student i have a very limited economic condition
1.Am i bound to pay the amount if the borrower does not?
2.Being an international student i have to leave when my study periods will be over(36 months left for my study)what will happen if i continue to pay the monthly instalment timely till then (to secure my dredit history)and leave the country after fininshing my degree.
3.Can they sue me in my country(india)or bring me back to US for legal steps?
4.What can be the possible consequences?
5.what should be the best approach for me to deal this situation?
bhaskar
(Querist) 22 June 2008
plz reply q no 2,3,4,5
Kiran Kumar
(Expert) 23 June 2008
India has an extradition treaty with US, so u will have to face legal consequences here to for having committed economic offence in US...u may get prosecuted in India or US but ur liablity to remain...we dontknow what r the documentary details like gaurantee, property mortgaged etc. One thing is there that the charge will remain.
bhaskar
(Querist) 23 June 2008
There is no document from my side regarding property mortgage or anything.
but i saw in other forum that international student can not be a cosigner and the collection agency has a tough time to find them.but the borrower is a US citizen.i think the borrower may be easily catchable.is it correct.plz let me know.
