Last edited Thu Mar 21, 2024, 06:50 PM - Edit history (1)
The situation sounds like a financial fiasco and It sounds like you were pulled in with the best intentions and love for your daughter - but something is missing here and that you and your wife did not have all information when you were happy to step in and help.
Are there grandchildren or do they have no children?
Were the student loans taken out before or after your daughter married? Are they all for him or also for her education? Were they cumulative over time or taken out at once? Are the loans at a variable or fixed rate?
What were the Son in Law’s total student loans and over what period of time and at what interest rate? Were they done originally through MOHELA and consolidated?
What was the purchase price of the home and terms of the home mortgage and rate? Were they both on the title? Was the $20K a gift to your daughter or a loan- or gift or loan to both of them?
Do you in fact know it was used as a down payment for the home?
What kind of car did they have (year, model) and what kind of payments did they have? How long had they not been paying before it was repossessed?
What kind of medical insurance do either of them have? How were either of them paying for their medical costs? What state are they in - are they able to qualify for Medicaid?
What is the “private loan outfit” Discover? Is this the credit card company Discover? Is this the student loan servicing company?
What kind of co-signing of a loan did you do? Do you have a copy of that agreement? Is it for the full amount of all loans?
There is so much there and it’s nearly impossible to give any advice without more details.
= new reply since forum marked as read