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Help with student loan please?

Please help!!! Trying to buy a home. Co-signed on a student loan it went into default but was paid back.?

  • I co-signed on a loan for my sister. I already know BAD IDEA! it was for 7600. & she let it go into default. As soon as they transferred it to a recovery agency she paid it off. The problem is on my credit the last thing that posted regarding the loan was "claim filed by government" up until that point all the months said ok. She gave me a paper saying the claim was paid. I applied to 3 mortgage companies 2 pre-approved me but the 3rd sent it to underwriting and that negative account came up even though it says 0 balance and paid as agreed on the defaulted loan. I was told if I submit a payment receipt that may may help. I think this has to stay on my credit until 2015 but I am trying to purchase a home now as I found one I liked and l already made an agreement with the seller. Why did I get pre-approved by the other two but not this place? Please help will this receipt clear me since this has to stay on my credit. what can i do?

  • Answer:

    The only confusion that exists is your understanding that the payment receipt "MAY" help. The payment receipt WILL clear everything up with the third lender. I also recommend the credit agency that reported the negative account gets sent a copy too. Good Luck and Congrats on the new house!

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If your credit reports are showing $0 due, a payment receipt is not going to bring any benefit. When lenders start playing these games, it just means they are turning you down. Why not go with the companies that approved you? Nothing you can do to delete the item from your credit reports.

Go with the flow

By law, anything reported about you to the credit bureaus has to be the truth. Otherwise, it has to be corrected or removed. The truth is that you co-signed for a loan that went into default, and the truth is that you were late on that student loan. When you co-sign for anyone else, you are 100% responsible for the debt. Never, never, never, co-sign for anyone else unless you are prepared to pay the debt yourself. Take care

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