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Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!
vaytructuyen
Posts: 3 Newbie
Just a quick note to anyone seeking to clear Caivrs in order to get a FHA, USDA or VA loan. I hope this will help others get a home loan if they had the same issue I did.
I had a student loan from 20 years ago that somehow dropped off and was forgotten about. When I started the application process for a VA loan of course it reared it's ugly head in the government system. So I had to get to work, my loan officer told me my credit pull would be good for 120 days from the date of application,( other lenders may have a different time frame ) this gave me only 90 days to get it done.
I first contacted the ORIGINAL LOAN SERVICER, they will tell you who this is regardless if it's NCO, Greatlakes, ECI ect. ( Of course make sure you can qualify for consolodation) I had two to contact, NCO and ECI, one was stafford loan and the other was a perkins loan. They will want to keep you on the rehad, and if you have the time to do that, then go that direction, but if not consolodate. Fill out the application and fax or mail it in, and they will begin processing right away. The government sent a check to the servicers for the full amount owed with 20 days, they negotiated the penalties for me. Within the next 10-15 days, contact the department of education and advise the loans have been satisfied and request to be removed from the caivrs system.
They will remove you within the next batch, which may take from 3 to 10 days. You will receive paperwork to sign and date and to select a repayment plan. You will have several options. About a month later after the consolodation has taken hold, they WILL report to the credit with a clean history, so you will need to monitor your credit report for this. A fresh start , just stay current and put your payment on auto pay through your bank, so you do not forget.
My lender was amazed that I could get that done in that time frame, but let me tell you my motivation was my family and strength to do it came from GOD.
I had a student loan from 20 years ago that somehow dropped off and was forgotten about. When I started the application process for a VA loan of course it reared it's ugly head in the government system. So I had to get to work, my loan officer told me my credit pull would be good for 120 days from the date of application,( other lenders may have a different time frame ) this gave me only 90 days to get it done.
I first contacted the ORIGINAL LOAN SERVICER, they will tell you who this is regardless if it's NCO, Greatlakes, ECI ect. ( Of course make sure you can qualify for consolodation) I had two to contact, NCO and ECI, one was stafford loan and the other was a perkins loan. They will want to keep you on the rehad, and if you have the time to do that, then go that direction, but if not consolodate. Fill out the application and fax or mail it in, and they will begin processing right away. The government sent a check to the servicers for the full amount owed with 20 days, they negotiated the penalties for me. Within the next 10-15 days, contact the department of education and advise the loans have been satisfied and request to be removed from the caivrs system.
They will remove you within the next batch, which may take from 3 to 10 days. You will receive paperwork to sign and date and to select a repayment plan. You will have several options. About a month later after the consolodation has taken hold, they WILL report to the credit with a clean history, so you will need to monitor your credit report for this. A fresh start , just stay current and put your payment on auto pay through your bank, so you do not forget.
My lender was amazed that I could get that done in that time frame, but let me tell you my motivation was my family and strength to do it came from GOD.
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