Student loans not in repayment or in deferral included in a mortgage loan application as an expense?

Dec 022011
 
mortgage loan repayment
bycoderkind

Am applying for a mortgage loan and have two school loans already on my credit report but specify one is not in repayment and second is deferred. However, the loan application is requesting all expenses listed on my credit report. Are these loans not in repayment included in my expense ratio?

I have a mortgage through Chase that I am currently behind on (45days) due to a severe pay cut at work. I called Chase to see what my options were for trying to get caught up (hoping I could post-date a check, pay partial etc…) when they told me my only option was foreclosure or a “loan repayment program.” This program will allow me to skip my mortgage for last month and then would increase my mortgage by $ 150 for the next nine months until the difference is paid. But the whole time my credit will show default.
What is the benefit in enrolling in this program versus skipping last month and paying additional $ 150 for the next nine months without enrolling? I just don’t see the point if my credit will show default either way. Any advise is appreciated.
So, showing default and being passed due are two different things? Because the rep. said I would still show default on my credit for the 9 months even with entering the program.

What Loan company will take over my federal student loans when the loans are in forbearance?

Dec 022011
 

What Loan company will take over my federal student loans when the loans are in forbearance so I can go back to school?
My loans are government loans from Saillie Mae. I owe them under $ 5000.
I heard about this company that will take over your school loans from them but I don’t know the name of the company.

Some Successes and Thank You’s

Jul 152010
 

Sooo when I began this journey back in March my scores were in the mid 500 range.  The first couple of months I have worked really dlligently to rebuild my credit scores and have slacked off.  With that said, I just wanted to share some of my successes within the last 3-4 months.

 

Successes

-GEMB/Lowe’s-2- 30 and 1-60 day lates removed

-HSBC-I had 120+ lates starting from June 2003-April 2004 ( I will spare the excuses as to why so behind).  They completely deleted the TL.  It was an old account and that is why I think that they decided to just delete it.

-Paid Med Collections (which I started working on 1 month ago using the HIPAA process).  1 collection with TU, 2 collections with EQ and 2 collections with EX.  TU deleted completely.  EQ deleted one.  EX deleted one.  So currently, I only have 1 each with EQ & EX.  I will begin the HIPAA dispute with the OC soon.

-Paid CC’s down to 10% Utilization

 

Remaining negatives:

-BB&T-2-30 and 1-60 day late from 2004.  Will GW until it falls off and/or until they remove it

-2 Paid Med Collections

-Unpaid Med Collection from 2005-have DV’d, PFD’d everything but have heard nothing.  Thought about disputing with the CRA to see if they can get anything out of the CA.

-Unpaid NCO collection.  They deleted in May because they could not verify the account and now it’s back on this month…strange

 

Negatives that I will have to wait for to fall off CR:

-Cap One

-School Loans

 

My scores are slowly reaching mid 600′s.  i hope to reach 700 by the end of the year.  Not planning on buying a house or car in the next year so I can be patient (I hope) for my scores to rise. 

 

I want to say thank you to those who have answered my questions, those who encouraged and inspired and for those who offered their support!  =) 

 

Don’t give up!!! =)

 

expired accts (7+ yrs old), charge off – cap one auto (from repo) what to do…

Jun 082010
 
Hi All,
 
I need some advice on what to do.  Last week I had decided to file bkrptcy.  I hadnt viewed my credit report for about 2 years but even then knew i was drowning in debt and most of the debt was old debt (year 2000 & prior) that my x left me with when we parted ways.  As I was gathering all of my info for the attorney whom I was scheduled to meet with yesterday at 4:30pm…..I had decided to pull my credit reports.  All of that old stuff I guess had expired and had dropped off my credit file.  The only items on my exquafax credit report is a closed capital one auto finance account for $7k (repo) that was charged off Feb. 2009 and my school loans. 
 
I realize that just because the account reporting period of 7yrs has elapsed as far as a creditor being able to report the debt………that this does not mean that I dont owe the debt. 
 
My questions is: What should I do? Should I seek these creditors out or should I only worry about the few items showing up on my credit report and re-building my credit (fico score is 554)?  I am gonna need to get a car soon and I just had a baby after a long difficult pregnancy…..and I am gonna want a house for us one day soon.  I feel so discouraged, overwhelmed and conquered.  Please advise…….

OSLA – Deferrment & Lates?

Mar 312010
 

Well, it has been such a long hard road, and I have gained very little ground. On my school loans I got the 120 lates removed a few months ago, but not the 7 times of 90 days lates (7 accounts). Those happened as a repercussion of getting laid off my job 2 years ago and being homeless and could not pay last summer. Several times I have requested they remove the other lates, to no avail. My last turn down was today by email.

 

I just lost my job yesterday and called today for defferment or forebearance, whatever it is called. Do you think that will remove the lates? For some reason I thought I had read somewhere that it happened to someone on this board.

 

 

Assistance needed to remove lates from AES/US Dept of Education

Feb 132010
 

Hey guys/gals, need a little help in removing late payments back in 06.  I lost my job in 06 and no longer could pay on my student loans.  I was an idiot and didn’t realize you could defer payments due to economic hardship, so stupid but I honestly didn’t know until a few months later which I then deferred.

 

AES at the time owned 4 seperate school loan accounts, I missed 5 total payments with each account, so 20 late payments all together.  I was making payments before I lost my job so I did have some sort of established payment history with them.  I sent out a GW letter 2 weeks ago with no response yet.  I ended up consolidating the school loans with Sallie Mae in 07 as well.

 

Should I keep sending GW letters?  Does persistence pay off?  Anything else I could do?  Any help is greatly appreciated, thanks!

Will my college certify me for a higher amount for Stafford during my non-paid internship?

Jan 172010
 

I have been attending graduate school on Federal Stafford Loans (unsubsidized). The last part of the degree is an internship, which means I will have to take a sabbatical, where my income will only be what I can do part-time on the side in unrelated (therefore low-paying) work. I fill out the FAFSA, and I understand that the college uses the information to calculate what amount of loans that they will certify. If they use the information from the FAFSA, they are going to think I make about $70,000 per academic year, when in reality that one year I will make $0, or whatever I can scrounge up part-time work at low wages.

 

Is it worth explaining to my college that I will be on sabbatical, meaning that the FAFSA information is really going to not reflect my situation? Does anyone know any more about how this works, or any other advice?

 

Thanks!