Student Loan Lates Hurt my chance of getting a mortgage??????

[thross8512]

Back in 2010 I had 6 month's of lates reporting on my reports.  I decided to dispute the lates because I was in forbeance at the time but they came back verified.

I spoke with a consumer advocate today and he told me that he could not remove the lates but because when I requested the forebance it was already reporting late.  He said I called to request in January 2011 and the representative backdated a foreberance for the ttime that is showing late so I would not have to pay penalties  but they couldn't change it on my credit reports.  He indicated to me that he would send me a letter stating that my loans were in foreberance during the 6 months it reported late in 2010.  My question is if he is willing to send me a letter stating that I was in forebearnace what is the difference from saying it was deferred to actually removing the lates from my report?  Could I send that letter to the credit bureaus and have them update my reports based on this letter?

I want to get a mortgage loan in the next 3 months but I fear this will hinder my chances.  Any advice or help you can give me would really be appreciated.

[pizzadude]

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@thross8512 wrote:

Back in 2010 I had 6 month's of lates reporting on my reports.  I decided to dispute the lates because I was in forbeance at the time but they came back verified.

I spoke with a consumer advocate today and he told me that he could not remove the lates but because when I requested the forebance it was already reporting late.  He said I called to request in January 2011 and the representative backdated a foreberance for the ttime that is showing late so I would not have to pay penalties  but they couldn't change it on my credit reports.  He indicated to me that he would send me a letter stating that my loans were in foreberance during the 6 months it reported late in 2010.  My question is if he is willing to send me a letter stating that I was in forebearnace what is the difference from saying it was deferred to actually removing the lates from my report?  Could I send that letter to the credit bureaus and have them update my reports based on this letter?

I want to get a mortgage loan in the next 3 months but I fear this will hinder my chances.  Any advice or help you can give me would really be appreciated.

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It may not matter, since the late payments are over 3 years old.  Do you have any idea of where your FICO scores are currently?

[ShanetheMortgageMan]

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@pizzadude wrote:

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@thross8512 wrote:

Back in 2010 I had 6 month's of lates reporting on my reports.  I decided to dispute the lates because I was in forbeance at the time but they came back verified.

I spoke with a consumer advocate today and he told me that he could not remove the lates but because when I requested the forebance it was already reporting late.  He said I called to request in January 2011 and the representative backdated a foreberance for the ttime that is showing late so I would not have to pay penalties  but they couldn't change it on my credit reports.  He indicated to me that he would send me a letter stating that my loans were in foreberance during the 6 months it reported late in 2010.  My question is if he is willing to send me a letter stating that I was in forebearnace what is the difference from saying it was deferred to actually removing the lates from my report?  Could I send that letter to the credit bureaus and have them update my reports based on this letter?

I want to get a mortgage loan in the next 3 months but I fear this will hinder my chances.  Any advice or help you can give me would really be appreciated.

---

It may not matter, since the late payments are over 3 years old.  Do you have any idea of where your FICO scores are currently?

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+1.  Late payments from 3 years ago won't prevent you from qualifying.

[thross8512]

Thanks everyone! I was prequalified yesterday.  Documents sent to the LO today.  How long should I expect to wait on the pre-approval?

[ShanetheMortgageMan]

Depends on their underwriting turn time - usually is anywhere between 2-5 days.

[thross8512]

Thanks Shane! Your insight is really helpful.  So I anxiously wait!