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Mortgage Loan Follow Up

Today, I was still pretty distressed about the mortgage loan denial. But I’ve been trying to put a positive spin on things, maybe it wasn’t meant to be. As I mention yesterday, my attorney had given me the contact information for a new lender who is now reviewing my documents (2 years tax returns, pay stubs, bank statements and student loan repayment schedule and the cooperative financials). At this point, I was looking forward to my HSBC denial letter as is required. After writing that long blog post yesterday, I had mentally prepared myself for yet more bad news from HSBC. But then I was stunningly surprised by the email I receive this Evening.  The email was forwarded to the loan officer from the underwriter and copied to myself and my attorney. The email states as follows, “the borrower provided a document indicating that her student loans are currently in deferment until 2015. A deferment on a student loan for more than one year indicates that the borrower is still in school. Unless the borrower can provide documentation that the deferment was granted for a reason other than being an active student, we have to include those expenses”. What, does this mean,  that they are still considering me for the mortgage? Now I am confused. Is this one of those strange occasions where ‘no’ actually means ‘yes’. Asking for further documentation on a loan that was denied?

I completed my graduate degree this year and this can be verified by a letter from my school. It can also be explained by my diploma. Now the tricky part. I paid for the first year of school on my own and only applied for a student loan in the second year of my three year program. According to Sallie Mae, I am in school until June 2014. They have also given me a six month grace period before I begin repayment in monthly installments. My grace period ends January 2015. But as I have already begun making payments on the loan I never saw the need to correct Sallie Mae’s record. Therefore, it’s going to be difficult to get a letter from Sallie Mae explaining that I’m no longer enrolled in school. How am I going to be able to “provide documentation that the deferment was granted for a reason other than being an active student”? Help!

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