07-09-2012 08:00 PM
I have a question about how Direct Loans reports. My husband and I are supposed to close on our new home in 2 weeks. Our loan was approved several months ago. However, they had to pull an updated credit report this month before we closed and now my husband is not qualifying because of 4 90+ late payments on his credit report. What happened was that we moved the month his loans went out of the 6 month grace period and we didn't realize because the letter was sent to our old address. By the time we updated the address and got the payment notice, it was already late. Well he was about to reenroll in school, so they went ahead and deferred the payment. Fast forward several months to now, and we see that late payment was reported.
It's saying 90+ late, which seems crazy to me because we had immediately called and taken care of deferring the payments. Why is it saying 90+ days late, like we still owe them? The past due balance on these is $0 and it says "Student Loan Payment Deferred" and "Pays Account as Agreed."
We're about to lose our house and all of our earnest money unless we can get these taken off. It was such a blindsight, we're so panicked. We wrote a letter to US dept of ed to see if they could remove them, but after searching here it seems like we need a miracle to get that to happen. I just don't understand why these are 90+ days late?? Can anyone shed some light on this?
They are expediting our request and we hope we hear something by the end of the week. We literally have this week only to get these off, otherwise we lose everything. We're responsible and pay our bills, my husband just didn't have the best score to begin with from not taking care of it when he was younger and now this really sunk him down. WIthout it we would more than qualify. I just don't know what else to do...