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Loan Rehab question

Contributor

Loan Rehab question

This may seem like a random question.... i just entered a loan rehabilitation program and it states that I have to make 9 of 10 on time payments.  Is it possible to pay twice a month and get out of rehabilitation in half the time? Financially it would be tight but I'd love to get this cleared up in 4 and a half months instead of 9.

 

Thanks!

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2 REPLIES
Frequent Contributor

Re: Loan Rehab question

They didn't let me do it when I did the loan rehab several years ago.

 

Your best bet is to just call and ask them.


BK 7 Scores (12/2016): EQ-528. TU-486. EX-530.
Current Scores (11/2017): EQ-671. TU-665. EX-669.
Goal for 2017: 650's. - made it!! next stop 680's. www.cartkingz.com
Message 2 of 3
New Contributor

Re: Loan Rehab question

No but if finances are an issue call in an ask about an income based repayment plan. You fill out all of your household bills that you could be responsible for each month, (estimate stuff like gas/electric), and they will give you a lower payment throughout the rehab. Don't forget to include everything!! Cable tv, phone, internet, monthly food spendatures, the works! You can always pay more but this will help make sure that even in the most unexpected event, you'll be able to make a payment. Mine was in the $30 range per month.

But again, no they will not let you pay early. They want to see you making consistent payments to prove you won't default again.
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