04-17-2012 09:18 AM
My file went to underwriting last week, and two days in a row, the LO has asked for a total of four conditions. 3 have been very easy to fill, but the final one has me very nervous.
Back in 2006, I defaulted on a private student loan. Just over a year ago, I started paying on it heavily, and on time. At the time, the loan company tried on numerous occassions to try to get me to sign a confession of judgement. My better sense told me that was an awful idea. Instead, I hired a lawyer and at the time a signed agreement was entered into where if I paid X amount, at Y time of the month, I "likely" would not be sued.
When my file was pulled, the underwriters and the LO saw my derog, and wanted an explanatory letter for it. I haven't been late a single day since I made the new agreement...does anyone think that seeing this letter will be a deal breaker for my financing? My LO did know about the situation about me starting to pay on this a year ago, but he was probably not aware of the litigious nature of this company (since the agreement, they've tried multiple times to "trick" me into signing a confession of judgement by offering to waive all my interest on my loan).
I sent the LO my signed agreement with the loan corp...very worried about this one...
04-17-2012 11:12 AM
Yes, that is how I'm kind of feeling too... I rushed and rushed for 3 days getting paperwork back to them... I kind of feel like once we have this pre-approval there isn't much in the way of stopping it because of everything I had to provide upfront... So even though this waiting game stinks.. Hopefully once it all goes thru there won't be much that can stop it.
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