topic Made my 8th PMT...trying to figure out my game plan, any advise? in Student Loans

Made my 8th PMT...trying to figure out my game plan, any advise?

PresidentPatton — Mon, 06 May 2013 19:17:26 GMT

So I made my 8th PMT on Friday the 3rd, I will make my 9th PMT on the 24th (21 days after last payment to make it the 9th PMT). I am wanting to get everything cleaned up on my CR ASAP in order to get an FHA loan. Does anyone have any tricks that may help me get my CR cleaned up quickly once that 9th PMT is made!?! Any and all help is greatly appreciated...I'm starting to get anxious!

Thanks,

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

PresidentPatton — Tue, 07 May 2013 21:23:16 GMT

Bump! Anyone have any good advise!?!

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

InvincibleSummer3 — Tue, 07 May 2013 21:51:04 GMT

The only advice I have is to make that first payment to the new lender ASAP. They'll tell you it's not due for a month or two, but the quicker you get the new folks reporting the better.

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

PresidentPatton — Wed, 08 May 2013 20:14:11 GMT

Thanks! I will try to make it the day I find out who they are.

Does anyone know how to find out who the new servicer is quickly? I think I have heard people saying that they called the DOE and they told them, how quickly would they know this information?

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

InvincibleSummer3 — Wed, 08 May 2013 22:08:51 GMT

Ask them when you make your last payment, and if they don't know call 'em back in 7-10 days.

My new servicer actually showed up on NSLDS before I got any kind of notification, so I jumped over to their website and registered as a new account. Within a week my loan information was there and I could start making payments.

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

kjel — Fri, 10 May 2013 05:58:41 GMT

As far as your CRs updating it's definitely a YMMV kind of thing. I'm 1.5 months out of rehab, have a new servicer reporting, and the DoE defaults and balance are still reporting. I filed a dispute but that takes 30 days.

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

FocusedAndDetermined — Sun, 12 May 2013 02:09:12 GMT

@kjel wrote:
As far as your CRs updating it's definitely a YMMV kind of thing. I'm 1.5 months out of rehab, have a new servicer reporting, and the DoE defaults and balance are still reporting. I filed a dispute but that takes 30 days.

It seems the DOE is not one to report in a timely or accurate fashion. when my loans were transferred (not after rehab, was never late), the transfer was reported but not the $0 balance. My $21K in loans appeared as $42K because the balances were being reported by DOE and the new servicer. My advice is monitor your report(s) closely, and immediately dispute anything that is not accurate.

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

kjel — Sun, 12 May 2013 10:59:57 GMT

The dispute has been successful for EQ & EX and both have deleted the collection account TLs. 39 point bump!

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

PresidentPatton — Tue, 14 May 2013 02:22:58 GMT

Kjel,

This is awesome news! I have heard that disputing is a good way of getting them to remove after you get through rehab as the DOE won't respond to the dispute request. If you don't mind my asking how long after making your 9th payment did you put the dispute in? How did you put your dispute in? And how long did it take for you to find out that these were removed?

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

kjel — Wed, 15 May 2013 15:09:31 GMT

@PresidentPatton wrote:
Kjel,

This is awesome news! I have heard that disputing is a good way of getting them to remove after you get through rehab as the DOE won't respond to the dispute request. If you don't mind my asking how long after making your 9th payment did you put the dispute in? How did you put your dispute in? And how long did it take for you to find out that these were removed?

I was out of rehab mid March and picked up by Nelnet almost immediately and they started reporting in April. Based on my credit monitoring with Experian it looked like the closing date for my DoE TLs was the end of the month. It didn't update first couple days in April or May. Since Nelnet was reporting AND the DoE collections account TLs were reporting it looked like my student loan debts was double what it actually was. Ouch.

So I figured why not dispute the collections TLs since rehab was complete and I did receive a letter from DoE saying so and that the default should be removed, etc. I disputed directly through Experian and Equifax, both disputes came back with "negative items deleted" as an action. Because I have daily pulls on Experian I verified that the TLs were deleted. I checked on Equifax for the resolution and it looked like the report did update there as well. It was less than 2 weeks for both of them.

TU is always the odd man out and reports things way differently. I could not figure out what was happening there with the DoE TLs so I decided to dispute 3 of them on Monday. Still waiting on that one to come back.

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

Anonymous — Wed, 15 May 2013 16:11:02 GMT

I just completed my Rehab with the Department Of Educationan and was informed they sent the letter to the credit Bueraues on May 4th for the removal of my 13 negatives. I had 4 different accounts but when I went into default they broke off into 13 negatives, crazy. I was also informed that it will take between 30-60 days to reflect the changes on my credit report. It's just a waiting game now.

My loans were transfered to Great Lakes and it's about $50 bucks cheaper with them than what I was paying while rehabbing.

Can't wait to see my credit score after 13 negatives are removed

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

PresidentPatton — Fri, 17 May 2013 16:04:17 GMT

Ralph's,

This is great news! Have you tried disputing the 13 lines with the CRAs yet? It seems most people are getting them removed faster and technically at that point that information is inaccurate so I would assume it is perfectly acceptable to pursue having them removed.

On another note I began thinking earlier this week that if I could just get an FHA case number this month I could avoid the added PM guild lines and save myself a to of cash. I contacted FGMC and explained my entire situation, the LO seemed pretty confident that we could get something figured out to be able to open up a case number so she convinced me to fill out the loan app. Although I was scared to do so before I knew my CR was all clear I went ahead and did it. Strangely enough later that day the LO calls me telling me that I'm not showing up as default (pulled CR in April after 7th Rehab pmt and it was clearly stated as Default) my LO stated she even checked some national registry for all defaulted loans and my name doesn't show up therefore she was able to get my FHA Case number! She did state that it shows the SLs are in collections but that we can work on that since they know my situation and that I'll be making my 9th pmt next Friday. She had me send in all my documentation and a few LOE and she thinks it all looks good as far as score and ratios. Now I'm just waiting in some governmental disclosers that I'm waiting on before going to the UW. I'm already a bit nervous but just glad I started to inquire!!! Has anyone had a situation similar to this? I would greatly appreciate anyone's input on my situation!

Ry

Re: Made my 8th PMT...trying to figure out my game plan, any advise?

InvincibleSummer3 — Fri, 17 May 2013 16:07:18 GMT

@PresidentPatton wrote:
Ralph's,

This is great news! Have you tried disputing the 13 lines with the CRAs yet? It seems most people are getting them removed faster and technically at that point that information is inaccurate so I would assume it is perfectly acceptable to pursue having them removed.

On another note I began thinking earlier this week that if I could just get an FHA case number this month I could avoid the added PM guild lines and save myself a to of cash. I contacted FGMC and explained my entire situation, the LO seemed pretty confident that we could get something figured out to be able to open up a case number so she convinced me to fill out the loan app. Although I was scared to do so before I knew my CR was all clear I went ahead and did it. Strangely enough later that day the LO calls me telling me that I'm not showing up as default (pulled CR in April after 7th Rehab pmt and it was clearly stated as Default) my LO stated she even checked some national registry for all defaulted loans and my name doesn't show up therefore she was able to get my FHA Case number! She did state that it shows the SLs are in collections but that we can work on that since they know my situation and that I'll be making my 9th pmt next Friday. She had me send in all my documentation and a few LOE and she thinks it all looks good as far as score and ratios. Now I'm just waiting in some governmental disclosers that I'm waiting on before going to the UW. I'm already a bit nervous but just glad I started to inquire!!! Has anyone had a situation similar to this? I would greatly appreciate anyone's input on my situation!

Ry

Exciting! With regard to the bolded: she may be looking at CAIVRS. This is a govt database that lists anyone who ever defaulted on a federally-backed loan, student loans, small business loans, etc. Not being listed is good news. I'll keep my fingers crossed for you.