Just recieved this condition from lender…Provide renegotiated payment plan and repayment agreement for student loan with evidence of the past 12 months payments…..My iDR is 0 I pay 10 a month anyway. My counsler requested the repayment calculator printout to factor in the lowest payment amount. I was never told to make a different payment or do anything different. I just began paying the 10 in September as I just began the NACA process in August and was told to start that atleast then…..question is….(I am at UW CTC) will this get me denied since this plan just started? What should I do?
It won’t get you denied it will just delay the closing. I think the issue is not that you are paying $10 its that your payment is supposed to be 0. The way I am reading this is as along as you are paying toward a 0 due they want the total due to be non zero. Make sense? I think it’s either keep the IDR at zero and pay nothing or pay 10 and make the monthly due 10. But don’t pay 10 toward a 0 due balance. I know it sounds unusual but I think that’s what they want…to have a very clear paper trail. How you got to UW CTC without first receiving this condition though is unclear to me (only the UW could answer that).
And in case it’s not clear if you have defferred payments you do not have start making payments. You just have a phantom debt so the bank can factor in worse case scenario an plan for the future in the event your income does not change but you have to start paying off your loan you should still be able to pay your mortgage with no problems.
This reply was modified 2 years, 5 months ago by Nelsont.
Totally understand now! Thanks! I will reach out to my MC to find out what needs to be done. I still have about 25 days till my house is even done being built so I hope I have some wiggle room with closing. My contract says Feb 10th as settlement date.