Hello all,
I am in a sticky sort of situation. I am a cosigner on a Sallie Mae private signature student loan, which is a private student loan. Currently this loan is in a charged off status but also dings my credit monthly by reporting missed monthly payments. This loan originated 13 years ago and the last payment made was 12 years ago, the student graduated about 5 years ago. I have applied for a mortgage loan and got preapproved for an FHA loan but now I am being told that this may not go through because this loan appears to be a federal loan. However it is not a federal loan, yet everyone thinks so because it shows as Navient student loan on my credit report. I went on the NSLDS and provided a screen print to the loan guy to prove that the loan is not even listed on there but that is insufficient. The website does not offer an option to print the a statement. I have no original documentation proving that it is a private loan, and neither does the student other than it being called a Sallie Mae Signature loan on statements from Navient.
1. What can I provide as proof that this is a private loan? I am sure Navient is not going to provide this information.
2. What is the statute of limitations on a charged off private student loan
3. Can a creditor charge off and still report late payments every month?
4. Isn't there a clearing house from which underwriters can verify the loan information?
Any information would be appreciated.
