I am currently in the process of trying to get approved for a first time home buyer loan. My earnings are 20k per year and I have been able to defer my loans since I graduated in 2006 and now have them under an income contingent plan. Not sure which one but I pay nothing according to my low income. I also had two private loans with great lakes that I could not pay and after a lot of attempted negotiations I gave up about 5 years ago and have not had any contact with them or made any attempts to repay. The mortgage broker asked me today to get her a charge off date for the private loans and to contact Mohelia to get the Level or Standard repayment option. After looking at those options there is no way I could pay that monthly and it makes no sense to do that financially for me, as a single parent with two dependants. I wouldn’t even consider buying a house but the rents in NY for a decent home is way over the amount monthly than a mortgage even with taxes and insurance for the home. I can barely afford to keep it all together, yet if I get a mortgage I can live a much better quality of life for a lot less. The two questions I have is can I contact the private loans without the backlash. From what I understand, in NY state the charge off should legally occur in 6 years If I contact them I could upset that and from experience with them they do not negotiate at all. How do I get a charge off date? or are there any other options for me to show the bank its not a contingent liability . The second question is If I do the REPAYE program is that enough to show that as long as I earn under 30k It won’t be considered a contingent liability?
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