Original Promissary Note
03-04-2009, 01:54 PM
#1
Gets Weekends Off
Thread Starter
Joined APC: Jan 2006
Position: Student Pilot
Posts: 2,277
Original Promissary Note
Last night on the news, I saw a story where a homeowner ask the bank to produce the original promissary note that was signed when the homeowner purchased a home. The bank couldn't produce the note and, therefore, the foreclosure proceedings were delayed or halted because of the bank's failure to produce the note.
My question is this: Can I do the same thing with my Guaranteed Student Loan (GSL) that I took out when I was in college? Can I go back to the original bank or the current guarantor of the loan and ask....."show me the original promissary note".
What can I expect & why?
atp
My question is this: Can I do the same thing with my Guaranteed Student Loan (GSL) that I took out when I was in college? Can I go back to the original bank or the current guarantor of the loan and ask....."show me the original promissary note".
What can I expect & why?
atp
03-04-2009, 05:15 PM
#2
With The Resistance
Joined APC: Jan 2006
Position: Burning the Agitprop of the Apparat
Posts: 6,191
Last night on the news, I saw a story where a homeowner ask the bank to produce the original promissary note that was signed when the homeowner purchased a home. The bank couldn't produce the note and, therefore, the foreclosure proceedings were delayed or halted because of the bank's failure to produce the note.
My question is this: Can I do the same thing with my Guaranteed Student Loan (GSL) that I took out when I was in college? Can I go back to the original bank or the current guarantor of the loan and ask....."show me the original promissary note".
What can I expect & why?
atp
My question is this: Can I do the same thing with my Guaranteed Student Loan (GSL) that I took out when I was in college? Can I go back to the original bank or the current guarantor of the loan and ask....."show me the original promissary note".
What can I expect & why?
atp
You can ask, but my bet is that they can produce the documentation(perhaps not on demand, but in time) and move to debt collection if you show intent to evade.
03-05-2009, 04:57 AM
#3
Gets Weekends Off
Thread Starter
Joined APC: Jan 2006
Position: Student Pilot
Posts: 2,277
Please don't take this the wrong way, but it sounds as if you are trying to evade an obligation you have voluntarily entered.You can ask, but my bet is that they can produce the documentation(perhaps not on demand, but in time) and move to debt collection if you show intent to evade.
Nope. Not the case at all.
My reason for asking is that some of you out there have more expertise & knowledge in areas where I may lack. With all the new mini stimulus packages that have been passed for the different sectors of the economy, I'm inquiring to see if any one had heard any news pertaining to student loans. For example, lowering interest rates or allowing a second type of consolidation that will lower monthly payments.
When you look at the aggregate amount that is owed on student loans, I would think that with the national and global economic downturn that the current Administration may have some sort of "bailout" program/package for those persons struggling to make their monthly payments.
atp
03-05-2009, 02:16 PM
#4
With The Resistance
Joined APC: Jan 2006
Position: Burning the Agitprop of the Apparat
Posts: 6,191
When you look at the aggregate amount that is owed on student loans, I would think that with the national and global economic downturn that the current Administration may have some sort of "bailout" program/package for those persons struggling to make their monthly payments.
atp
Good luck, I don't believe you are going to find the kind of help you are looking for here.
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