xena0608 Posted March 3, 2005 Report Share Posted March 3, 2005 Ill try to make this as brief as possible. I got 3 student loans in the early 90's to get through nursing school. I had various forebearances/deferments related to giving birth to 3 children and continuing my education. I also went rhough some financial difficulties because of two divorces. I also moved from my residence 3 times (or more); I was unable to pay them what they wanted... needless to say I received lots of threatening letters stating that they would garnish my wages in the amount of 500.00 a month, which would provide a huge hardship for my family. I am a divorced, now single mom of three children, who does not receive any child support (philadelphia court orders are a joke at finding deadbeat dads; I have a case, where the father owes me $7,000.) and i've yet to receive a dime (keep in mind this almost amounts to the full sum of the student loans. Anyway... Pheea/Sallie mae wrote to me stating that I had to prove a financial hardship in order for them to garnish less of my wages. I wrote a 50 page document stating what all of my monthly bills totalled. This included my rent, utility bills, childcare expenses, auto expenses, food, etc. etc. They actually replied that I should spend less money per month on food for my children - and that I did not deserve to own a cell phone or have cable tv for my children. Being a single mother with a 16 year old daughter necessitates being able to keep in touch with your kids while you are at work, driving 10 miles to work... etc. I lost and they are now garnishing my wages. This, in itself, is not the problem. The real problem is that I am trying to obtain a mortgage. I am now financially stable and the loans are ruining my credit. The loans total $9,500.00. They sold the loans various times throughout the years... and they appear on my credit report more than 10 times... for the same loan. I don't know where to turn..... I currently have no other debts... no car payment... no credit cards... NOTHING. I pay $1100.00 monthly for rent. I could use this money to buy a house... I am a first time buyer and have some money saved for a down payment. I cannot imagine waiting any more time to purchase a home, as I am already 35 years old... I can't find a bank/mortgage company that will touch me with a ten foot pole.To make matters exponentially worse -- in pennsylvania there was a law stating that nurses can have their student loans paid, in full -- because of the nursing shortage in our state... what a joke. If an body can steer me in the right direction... I would love you forever... Thanks ... Melissa Welsh. [email protected]p.s. I hope this wasn't too long... Link to comment Share on other sites More sharing options...
LynnInMN Posted March 3, 2005 Report Share Posted March 3, 2005 You will not get a mortgage with the loan in default, particularly FHA. I you want to get out of default fast, I suggest you consolidate with Dept of Ed. 60-90 days and it will be over. Link to comment Share on other sites More sharing options...
ixe Posted June 6, 2005 Report Share Posted June 6, 2005 I am new at this, but if the acct were open in the early 90's for sure they have more that 7 years in the CB. You shoul find out if you can get the CB to take the account out of your record evethough you still owe the money Link to comment Share on other sites More sharing options...
ghacorp Posted June 6, 2005 Report Share Posted June 6, 2005 Not all credit decisions are based on what's contained in credit reports. People can still be impaired for many more than the seven year reporting period. This is especially true with regard to judgments where the information can remain indefinately. As in Melissa's case, at 35, she will have ample opportunity in the future to become a homeowner; in fact she's probably better off renting for at least two reasons. First, she would probably not get much of a property to fit her budget of $1100 per month and her credit situation would require higher interest rates and for an inflated property no less! Registered Nurses in Philadelphia earn between $75 to $100K annually so it's not at all surprising a loan agency would scrutinize her financial statement. Compared to home ownership $1100 per month rental in the area is not bad.P.S. Mellisa, if you can put down about 20%, perhaps even less I know an extremely large and reputable mortgage brokerage in the area who can place you for underwriting. You have stable employment and no tax liens, so it is possible! Link to comment Share on other sites More sharing options...
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