Sallie Mae Forbearance

Anonymous · ‎05-02-2010

Can Sallie Mae report a 90 day late on your credit when your account is in forbearance? I assumed that forbearance meant that they would allow you to postpone payments for the time frame they specify? Thanks!

Jazzzy · ‎05-03-2010

Hi, and welcome to the forums.

Have you talked to them? Are you sure you were in forbearance when the late was recorded?

That is the first thing I would confirm because we've seen many forum members who thought they were in forbearance, and either it hadn't started yet, or it had ended.

Give us some more details with the date of the late, the forebearance dates, etc.

Anonymous · ‎06-02-2010

Hi There - We are in a similar situation and any help would really be appreciated.

We purposely missed a payment on March 2009 to start a LOAN MOD process. We were put on a forbearance starting in April while our loan mod was going through.

I am being transfered from my current job location to a new job location and was hoping to sell our house and purchase a new home at the new job location.

We had the new home lender pull our credit for a pre-qualification and the "forbearance" has been reported as MISSED PAYMENTS for each month of the forbearance. So this whole time while we were in agreement with our current lender thinking things were fine and dandy...they have been listing us as missed payments each month. This disqualifies us for a new loan, even though our credit score is still decent and I make enough money.

Is it legal for them to list these as missed payments eventhough we had a legal, binding agreement to pay partials? It shows we have 8 - 90+ day lates on our record now. They didn't tell us they would be listing these as late payments up front or we would not have done it.

Any way to get these removed?

- Jimmy

laz98 · ‎06-05-2010

@Anonymous wrote:
We purposely missed a payment on March 2009 to start a LOAN MOD process. We were put on a forbearance starting in April while our loan mod was going through.

We had the new home lender pull our credit for a pre-qualification and the "forbearance" has been reported as MISSED PAYMENTS for each month of the forbearance. So this whole time while we were in agreement with our current lender thinking things were fine and dandy...they have been listing us as missed payments each month. This disqualifies us for a new loan, even though our credit score is still decent and I make enough money.

Is it legal for them to list these as missed payments eventhough we had a legal, binding agreement to pay partials? It shows we have 8 - 90+ day lates on our record now. They didn't tell us they would be listing these as late payments up front or we would not have done it.

do you have all the paperwork concerning your forebearance in writing?