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morehelp

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About morehelp

  • Birthday 05/09/1957

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  1. My FICO mortgage scores were all over 795. No negatives. Minimal debt other than the student loans and a thick file. I did have to spend some time explaining how PSLF works to my banker and I wasn't always sure it was relayed to the underwriter exactly the way it was intended but after some early stumbles, everything went very smoothly. As I mentioned previously, I also had a back-up preapproval just in case... Coming out of CARES forbearance wasn't even on the table for me. There was no way was I going to pay interest on a balance that was on the cusp of being forgiven.
  2. My sister's husband passed away in 2018 and later (2020) while she was going through some of his paperwork, found several thousand dollars worth of AMEX travelers cheques. They were purchased in 2015 prior to his cancer returning and he had never mentioned them. She called AMEX, and after a fair amount of aggravation and supporting documents sent to them, they gave her the money for them. Apparently, they don't expire .....
  3. If you go conventional, you can use your IBR payment. As 8ball said, there are some lenders which will ignore your student loan payment altogether. I don't have any experience but I've been told that FHA has some pretty restrictive lending requirements with respect to student loans. That being said, there are many lenders that are, or are becoming, pretty well versed in the IDR plans (including IBR, REPAYE, etc). I just bought a house while in CARES forbearance but on IBR normally and 2 weeks later, I had 254K forgiven in December vis PSLF . I've probably said it 20 times on here, but I'm still in shock that it happened...
  4. To be fair--your title does say Navient Private Loans ... I'm not sure why these loan weren't removed from your credit reports 7-7.6 years after DOFD and never brought current. Also, it's my understanding that the same SOL applies to these loans as any other installment loan. You mention that the law firm refused to take two of the loans as they are past SOL and then the other loan was pulled back to Navient. It doesn't sound like they are actually collectible nor should they be on your credit reports....unless your communication and payment arrangement (on one loan) reset the clock.
  5. I have a family member who was in your shoes with the payday loans. He contacted his attorney general's office, filed a complaint and because the principal (and interest) had already been repaid many times over he did not pay on this loan again. For his second loan--this one had longer terms than the kind you are rolling over, the interest rate was illegal and the lender wasn't licensed to do business in his state. Again, he had already paid the principal balance plus interest. For this one, he filed a complaint with the CFPB and immediately quit paying. The first one wasn't reporting to the CRA but the second one was. Not only did he stop paying, once the CFPB reached out to the lender, it was removed from his credit report. That being said, occasionally, he still receives calls trying to collect on the first one...
  6. What kind of student loans do you have? If they are direct loans, you don't need to take them out of forbearance--giving up 0% interest through September is crazy. Are you on an income based repayment plan? If so, there are many lenders that will use your IDR payment instead of 0.5 or 1%. If you're not on an IDR plan, you should explore that option. I closed on a house in December with 254k in student loans in forbearance--I did provide evidence of my IDR payment and my PSLF status. It was conventional with 20% down. I used a bank and had a back up just in case (advice from creditboards). I have no advice on your employment status. I've always heard lenders want 2 years with the same employer but will look at the same type of employment if less. My future daughter-in-law was with her employer only one year but was in the same industry as her previous job. My son has ~130k in undergrad and law school loans. He is on IDR pursuing PSLF working for the state. They closed March 2020 with no issues--conventional with 20% down and used a broker for a very smooth process. Which brokers/bankers have you tried and what was their specific feedback?
  7. Are these private or federal student loans through Navient?
  8. The interest rates on federal consolidation loans are variable and re-set every year on July 1. It is the weighted average of the loans being consolidated, rounded to the nearest 1/8% not to exceed 8.25%. There are private lenders with lower rates; however, you would forfeit most of the protections on federal loans. I think it matters with respect to how long you've actually been in payout and the current balances.
  9. Did you have an F1 and I-20 when you got to the US? Over the years I've had many international students (mostly postdoc but some still doing coursework) in my research lab and I couldn't even place them in a rotation until all of the paperwork was in place. For those who were on the second/third year, an expired F1 was workable as long as the I-20 was current. When your current school expelled you, they notified all of the governmental agencies that you were no longer a student and you have no funding from them. Am I correct in assuming that you need your transcripts to gain admission to another school? If so, how are you paying for that? Not trying to be mean, just want to understand your thoughts. I think you are aware that you will need to pay before you can think about going to another school and/or address any of the other potential issues that lie ahead. Good luck.
  10. To help you, we need more info: As an international student, do you have a current I-20?
  11. I'm not an expert on student loans other than what I have experienced over 15 years and every scenario possible... Since you're in CAIVRS, I'm assuming these are federal loans in default. One question is how did your home get so far in the process without this rearing it's ugly head? While I understand the timeline you're up against, rehabbing your loans is absolutely the best thing you can do overall. Once rehabbed, you become eligible for the perks of federal loans like the current forbearance with 0% interest and no payments due through 9/2021. There's also talk of forgiveness but that's not a certainty, If you don't take care of this, you will have your tax returns, wages and/or bank accounts levied without even being sued. I would contact the student loan ombudsman for guidance before you do anything else. That being said, the only other way I can think of is to refinance these to a private loan and without knowing your total credit picture, that may or may not be good for you at the end of the day. I'm not even sure if the private lenders will allow you to refinance defaulted loans but it may be worth a shot.
  12. I used US Bank who provided a LO (locally) dedicated to their Wealth Management Clients. Same 0.125% discount for banking relationship and used quite a bit of the funds in my account for the down payment. I actually debated leaving the funds in, tied to a LOC and using the LOC as the DP. The market was climbing daily and I wanted to capitalize on it by keeping the money invested, but at the end of the day, I pulled the money I needed.
  13. Not to hijack your thread but this is my very recent experience on buying a home. I think every lender is different. I just closed on a home and the cutoff was 740 for top tier, conventional with 20% down.. Thanks to the advice given on Creditboards a few years ago, I also had a back-up. It wasn't needed but was there just in case. I was carrying balances on 2 cards (4k at 0% interest) plus had an open installment loan and extremely high student loan debt (which has since been forgiven via PSLF :)). My lender said to leave everything alone unless the underwriter requested something. He did mention that not having any inquiries within the last 90 days was favorable (I actually had none in 2 years) but if there had been inquiries, it would not have been a negative--just something I would need to explain. Beyond 90 days they didn't care. I did an underwritten pre-approval before I started shopping as cash is king on the barrier island where I wanted to buy. Most sellers wouldn't even entertain an offer that required selling a home or no pre-approval. I wrote the offer 11/3/2020 and closed 11/30/2020. 30 year at 2.625--if I had waited one more day to lock it would've been 2.5 but oh well. The closing was remote as I don't live in the state where I bought my home. Pick a lender/broker you like and go for it. Enjoy the hunt!!
  14. from the FSA website: Benefits of Loan Rehabilitation When your loan is rehabilitated, the default status will be removed from your loan, and collection of payments through wage garnishment or Treasury offset will stop. You’ll regain eligibility for benefits that were available on the loan before you defaulted, such as deferment, forbearance, a choice of repayment plans, and loan forgiveness, and you’ll be eligible to receive federal student aid. Also, the record of default on the rehabilitated loan will be removed from your credit history. However, your credit history will still show late payments that were reported by your loan holder before the loan went into default.
  15. It's great the you learned a lesson re borrowing money and paying for others outside of your means at such a young age. Were your Discover and Chase accounts in good standing? If so, why did you close them?
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