Full Version: No Lenders Available for Rehab Post
I'm curious if "the no lenders available" line is being used to exclude people and hope you guys will help so we can have a picture of whats happening. If you have made the 9th payment of your rehab and were told that there was no lenders available can you please post here with type of loan, how long it has been in default, and the amount that is in default. Also if you were able to to rehab after the 9th payment plz post the same info. Wondering if there is any pattern?
I started rehab on my defaulted Stafford loans in August.
The OC was Citibank Student Loans, I defaulted with them.
It went to EdFund/California Student Aid Commission, the guaranteer.
EdFund eventually offered rehab after they started a garnishment. August 2008. There were still buyers for the loans then.
I make my 9th consecutive payment to complete the rehab on April 15th.
Last week EdFund sent a letter [after I've sent a few, worried about the fact that they don't have buyers]:
It stated, essentially, that while they don't have a buyer for the loans, they will HONOR the rehab if I move to DirectLoans consolidation with the William Ford program, and pre-apply with them to be moved after rehab.
The language of the letter stated that the rehab would still be honored. So that seems to be what they're doing in California.
I don't know if there's any reason I'll be declined for the DirectLoans consolidation, but we'll see in 15 days...
Looking forward to getting some of my credit back. And then starting a GW campaign with CitiBank. Futile, I'm sure.
The OC was Citibank Student Loans, I defaulted with them.
It went to EdFund/California Student Aid Commission, the guaranteer.
EdFund eventually offered rehab after they started a garnishment. August 2008. There were still buyers for the loans then.
I make my 9th consecutive payment to complete the rehab on April 15th.
Last week EdFund sent a letter [after I've sent a few, worried about the fact that they don't have buyers]:
It stated, essentially, that while they don't have a buyer for the loans, they will HONOR the rehab if I move to DirectLoans consolidation with the William Ford program, and pre-apply with them to be moved after rehab.
The language of the letter stated that the rehab would still be honored. So that seems to be what they're doing in California.
I don't know if there's any reason I'll be declined for the DirectLoans consolidation, but we'll see in 15 days...
Looking forward to getting some of my credit back. And then starting a GW campaign with CitiBank. Futile, I'm sure.
QUOTE (Feech @ Apr 2 2009, 09:12 AM) 
I'm curious if "the no lenders available" line is being used to exclude people and hope you guys will help so we can have a picture of whats happening. If you have made the 9th payment of your rehab and were told that there was no lenders available can you please post here with type of loan, how long it has been in default, and the amount that is in default. Also if you were able to to rehab after the 9th payment plz post the same info. Wondering if there is any pattern?
There is no pattern....most FFELP guarantors and sources. I have talked to old coworkers who are collecting on FFELPs, and the major sources of funding have dried up. Occasionally a lender will come in and offer $250K of funding, but that can feasible to used up on 5 borrowers. So right now it is hit or miss.
QUOTE (crappycredit13 @ Apr 2 2009, 09:31 AM)
Last week EdFund sent a letter [after I've sent a few, worried about the fact that they don't have buyers]:
It stated, essentially, that while they don't have a buyer for the loans, they will HONOR the rehab if I move to DirectLoans consolidation with the William Ford program, and pre-apply with them to be moved after rehab.
The language of the letter stated that the rehab would still be honored. So that seems to be what they're doing in California.
I don't know if there's any reason I'll be declined for the DirectLoans consolidation, but we'll see in 15 days...
Looking forward to getting some of my credit back. And then starting a GW campaign with CitiBank. Futile, I'm sure.
It stated, essentially, that while they don't have a buyer for the loans, they will HONOR the rehab if I move to DirectLoans consolidation with the William Ford program, and pre-apply with them to be moved after rehab.
The language of the letter stated that the rehab would still be honored. So that seems to be what they're doing in California.
I don't know if there's any reason I'll be declined for the DirectLoans consolidation, but we'll see in 15 days...
Looking forward to getting some of my credit back. And then starting a GW campaign with CitiBank. Futile, I'm sure.
I wonder if the new loan will contain an origination date of when you took out your first loan. Hopefully, because in my case that would add an amazing amount of positive age to my reports (I think I was originally with DirectLoans). Please keep us posted.
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