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Private Student Loans - Charge Off status

Established Member

Private Student Loans - Charge Off status

Good Morning,

 

I debated to post this in the student loan forum, but since it is mortgage related I am putting it here. I searached for a few hours through the forums looking to for info on: How Private Student loans that are in charge off status will affect getting a mortgage. My other loans were rehabbed years ago and I am making ontime monthly payments. I lost track of of these loans when citibank sold to discover and then I was in the Army and now they are listed as Discover and SLC Student Loan trust.

Snapshot:


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Any help or guidance is apprecaited. This forum has been amazing.

 

Thanks!

 

 

 

Starting Score: 576EQ, 594EX, 591TU
Current Score: 597EQ, 604EX, 604TU
Goal Score: 700


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2 REPLIES
Established Contributor

Re: Private Student Loans - Charge Off status


joeyrbbns wrote:

Good Morning,

 

I debated to post this in the student loan forum, but since it is mortgage related I am putting it here. I searached for a few hours through the forums looking to for info on: How Private Student loans that are in charge off status will affect getting a mortgage. My other loans were rehabbed years ago and I am making ontime monthly payments. I lost track of of these loans when citibank sold to discover and then I was in the Army and now they are listed as Discover and SLC Student Loan trust.

Snapshot:


Capture.JPG

 

 

 

 

Any help or guidance is apprecaited. This forum has been amazing.

 

Thanks!

 

 

 


Hi Joeyrbbns,

 

Since they are private student loans & they've been charged off, they won't really effect your ability to get a VA mortgage.

One thing that could help with your credit scores is to offer to settle these accounts for less than what's owed. That will change the status from discharged to paid, zero balance which should increase your scores.

National Mortgage Banker.
VA Mortgage Expert.
Message 2 of 3
Frequent Contributor

Re: Private Student Loans - Charge Off status

I did the same. BEFORE I applied for mortgage i negotiated a settlement for a private sl charged off a few years before. It was out of SOL. Once they see a mortgage inquiry on your report you lose leverage.

The settled charge off was never even brought up during my mortgage application process.
Message 3 of 3