So My wife went to school and got a SL, then after school paid and had it on autopayments. When she started school again, she never asked for them to stop taking payments, but they did, for 2 years they stopped. I asked my wife about it, she thought she had paid her debt, and so I left it alone.
FF to This year she graduates school, and a month before that we had switched banks after moving. 8 months later we pull credit to get our home and see 90+ late on her SM.
So after she had graduated from school, they started to draft out of our old account. We never got a notice from our old bank or SM.
My wife called them, and they were super nice offering a backdated forbearance. She has to call back 3 times to get it, and when she does finally get it emailed to her, it's stating a deferment and it's NOT for the right dates.
I'm having her call back tomorrow and ask for the correct dates.
1. Does a backdated forbarance or deferment mean they are going to delete it from her report? This is KILLING our score, and I'm afraid we're not going to be able to close on our home because of this.
2. Will they fax/email/ fly me a letter stating 0 late payments, always current? That's what the lender is asking for in the case we have to do a rapid rescore.
Our DTI is perfect, as well as everything else lines up. The only thing that is killing is is this Sallie Mae 90 day bad mark on her CR.
Thanks in advance, if anyone had any numbers, or emails please PM them to me.
Let me state this: Anything is possible. The likelihood that they will remove it is slim to none, you'll have to dispute his with the CBs. Be prepared to provide proof of enrollment for the time she was in school that loans should have been in forbearance. When you are read the terms of the forbearance, the lingo that you agree to states something about them not clearing a delinquency previously reported..I know because I've had one in the past. I recently had a 90 late in March, it didn't stop me from refi'ng my car and getting AMEX, CHASE and GE cards this past week. I told the manager at my CU that it was a miscommunication between my servicer and I.. They reported my lateness a week after I paid them and came current.
Wow, it worked. We just got the fax today. It took a LOT of calls and hard work, and they even took 5 days to send the fax , but they did it. We were at a 635 mid with my wife. This will put us where we need to be.