Hello MM lovelies. Please forgive me for bursting in here without proper introduction, but I am in a bit of a bind and will take any advice or help I can.
DH and I signed a contract to have a new house built a month ago. We were pre-qualified. All was good. Our contingency date rolls around and they go to pull credit to run through underwriting, and WHAM. My DH made a payment to his student loan late while he was traveling overseas for the whole month of October. His credit score is now too low to get mortgage insurance.
The builder has extended our contingency and has asked us for statement showing the account is paid current, but we cannot get the company to take the late off his credit report. I have sent in Goodwill adjustment requests but I am not holding my breath.
We are able to pay some of his debt down with the hope that his score will come up some, but I don't want to throw money at the credit card if it isn't going to do us any good.
Has anyone been through something similar when ready to purchase and still came out with a new house? Sigh. This is like the worst week of my life Thanks for any help or comments
Get the statement that the account is paid current. They possibly will not remove a late payment when it was indeed late - even if paid later on. Paying down CC debt will help your FICO score - (best not to carry a balance and have a low usesage of the allowable amount.) Your debt to income ratio will figure into approval as well. Make sure you have savings after closing as some lenders require that as well.
I don't know of an company that will remove a late if you were actually late. I'd bring a statement showing the account is current.
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Actually many of them will if you are persistent enough, can get through to the right person, etc. However, from what I've heard, it's nearly impossible with student loans. Unlike a CC, who may want to retain you as a customer, student loan lenders really have no incentive to work with you on stuff like this.
Yes it is a federal loan, it is serviced by ACS. I spent a huge chunk of the afternoon talking to several supervisors, none of them will do anything. I have googled around though and plenty of people have had success getting them to remove lates from their reports. I just have no idea who to ask! BOOOO!
Our mortgage lady is still telling us to send in the statement showing account is now current. I don't know how much this will help though. We have to do a conventional loan because we already have an fha.
Oh this is very easy to get the late payment removed then. This is the exact same loan I have. Log into the acct online. File a hardship status for deferment, make it retroactive for the month you were late, wait 30 days for your credit report to be updated. Done.
I was late in Feb or April or whenever they changed the website. I wanted to refi my house and could not b/c of the late on a federal loan. I logged on in Oct, filed a retro deferment and just like that it was cleared from my credit.
Oh this is very easy to get the late payment removed then. This is the exact same loan I have. Log into the acct online. File a hardship status for deferment, make it retroactive for the month you were late, wait 30 days for your credit report to be updated. Done.
I was late in Feb or April or whenever they changed the website. I wanted to refi my house and could not b/c of the late on a federal loan. I logged on in Oct, filed a retro deferment and just like that it was cleared from my credit.
Thanks for the tip, I will definitely look into this. Too bad we only have until 12/14 to get this cleared up though.
ETA: what did you put for your request for deferment though? Don't they want more than just the website was jacked up?
Oh this is very easy to get the late payment removed then. This is the exact same loan I have. Log into the acct online. File a hardship status for deferment, make it retroactive for the month you were late, wait 30 days for your credit report to be updated. Done.
I was late in Feb or April or whenever they changed the website. I wanted to refi my house and could not b/c of the late on a federal loan. I logged on in Oct, filed a retro deferment and just like that it was cleared from my credit.
Thanks for the tip, I will definitely look into this. Too bad we only have until 12/14 to get this cleared up though.
My Loan Guy said it takes 30 days depending on when they report. They may report sooner so it does not hurt. You can still pay the loan while it is in deferment. That is what I did.
Thanks for the tip, I will definitely look into this. Too bad we only have until 12/14 to get this cleared up though.
My Loan Guy said it takes 30 days depending on when they report. They may report sooner so it does not hurt. You can still pay the loan while it is in deferment. That is what I did.
I would have to blatantly lie about his monthly income in order for them to grant the deferment. Did you go the economic hardship route?
My Loan Guy said it takes 30 days depending on when they report. They may report sooner so it does not hurt. You can still pay the loan while it is in deferment. That is what I did.
I would have to blatantly lie about his monthly income in order for them to grant the deferment. Did you go the economic hardship route?
I went economic hardship route. No the never asked for any $ for your income, expenses or bills. It was just a yes or no question. Something to the effect of, are you having problems paying this loan? (yes,no) Question #2 when do you want the deferment to start. (drop down box)
I would have to blatantly lie about his monthly income in order for them to grant the deferment. Did you go the economic hardship route?
I went economic hardship route. No the never asked for any $ for your income, expenses or bills. It was just a yes or no question. Something to the effect of, are you having problems paying this loan? (yes,no) Question #2 when do you want the deferment to start. (drop down box)
They are actually asking me for the monthly income amount, not just a yes or no can you afford it? I need to talk to our loan officer. She is not even responding to me now. Awesome.
If you want a postponement based on nothing, you need a forbearance. Deferments are based on need of varying circumstances (income, unemployment, in school, etc).
I went economic hardship route. No the never asked for any $ for your income, expenses or bills. It was just a yes or no question. Something to the effect of, are you having problems paying this loan? (yes,no) Question #2 when do you want the deferment to start. (drop down box)
They are actually asking me for the monthly income amount, not just a yes or no can you afford it? I need to talk to our loan officer. She is not even responding to me now. Awesome.
Hold on I am going to log into my account and actually gave you a step by step.
They are actually asking me for the monthly income amount, not just a yes or no can you afford it? I need to talk to our loan officer. She is not even responding to me now. Awesome.
Hold on I am going to log into my account and actually gave you a step by step.
Aww thanks I knew there were some cool chicks here :heart:
If you want a postponement based on nothing, you need a forbearance. Deferments are based on need of varying circumstances (income, unemployment, in school, etc).
Yep, you're looking for a forbearance not a deferment.
Good luck. I hope you're able to get this resolved quickly.
On the far left under repayment options click Postpone My Payment (Deferment/Forbearance)
A new window appears
Click Explore Forbearance
Follow the steps
(eta: I cant tell you what to click on after that b/c mine is blocked out b/c it says: Your next payment is due on 2/28/2013; therefore, you are not eligible for assistance at this time. Please check back no more than 60 days prior to this date if you still need assistance.
Hmmm. I am not seeing the same menu options. I see loan options and forbearance is there, but it doesn't look like there is a way to back date it. I think I am just sol kinda...
eta: his also says no payment due until 2/15/2013 so I have no effing clue how he was really 60 days late. I think they screwed up but they are such a giant pain in the ass to get someone competent on the phone. UGHHHH!
Hmmm. I am not seeing the same menu options. I see loan options and forbearance is there, but it doesn't look like there is a way to back date it. I think I am just sol kinda...
Right below there should be a white drop down box with a calendar. But if it says no payment is due then you must already been in some sort of forbearance/deferment. They ALWAYS send a letter to confirm the forbearance/deferment ... do you remember getting one of those.
Of course you could call them but that never ends well. They are so stupid and incompetent. That was the whole reason I was late b/c I could not register my new acct. But atlas I digress.
No he is not in any kind of deferment or forbearance right now. He paid them the other night to bring the account current (like $200 or something, equal to one payment). But that somehow credited his January payment too. Something is not right and I am so mad. I can't spend another whole day on the damn phone with random fools who barely speak English.