Need Help...Student Loans
Date: Mon, 08/24/2009 - 13:42
anyways right now i am trying to buy a house but i also want to pay of these loans....i just got preapproved for a mortgage about 2 months ago....well i got a call a few days ago by some sort of collection agency i think...she told me that my default school loan just hit my credit report july 7th...they told me i have to make 4 payments to show i am trying and at the same time i will apply for the william d. ford....well i was interested until she started pushing for my routning and account number...anytime i tried asking a question she would raise her voice and talk over me until it got to the point where i told her to stop....i then asked her if they were the only company that i could consolidate my loans with and she said yed.....is this true?
also would not this have been on my credit report already? and how did the broker not see it on my credit report when i got preapproved?
i hope this does not jeopardize me buying a house....and if they are not the only company i can deal with ? where is the best place to go ?
This probably will jeopardize you buying house. You are ineligi
This probably will jeopardize you buying house. You are ineligible for FHA and VA loanss....mortgage companies find these by running a specific report. Most mortgage applications expect you to disclose defaults.
Depending on when you originally defaulted, you could well becoming into a second reporting cycle. If your original loan was a FFELP loan, borrowed thru bank, sallie mae etc, your loan may have been subrogated by the Department of Education which results in a second 7 year round of reporting.
William D Ford is the best consolidator available with the most options. You might wanna look at consolidating this directly with them before you go any further with your mortgage plans. You will have to explain the CA inquiries to your credit. Plus if it has been subrogated, you will have a negative tradeline even when paid off. Plus if you havent set up payment arrangements with the CA, you might find a garnishment started against you pretty darn fast....and they do not needa court order.
soaplady...when i was preapproved for the mortgage the broker ra
soaplady...when i was preapproved for the mortgage the broker ran a credit report...she told me i only had a few negative things on my credit like old cell phone bills, etc....she did not find the school loan on there....my question is...if i find i house i want to buy does she run a 2nd credit report before final approval? and yes i know i have to get going on the school loan fast
There is a report they will run. Are you attempting FHA? And y
There is a report they will run. Are you attempting FHA? And yes, they will more than likely pull another report.
yes FHA is the loan that i already got preapproved for....hmmm..
yes FHA is the loan that i already got preapproved for....hmmm....you sure they would run another ? b/c doesn't it gurt your credit everytime a report is run ?
Oh yeah they will find it. On the FHA paperwork you are required
Oh yeah they will find it. On the FHA paperwork you are required to disclose defaulted federal loans...when I did my original mortgage I questioned my loan office on this and he showed me the regs. You will be automatically denied. You should have told your broker.