Here is a common loan mistake many people make. I had one of these last week when I was talking to someone. The conversation starts with them telling you they should be signed up for a particular deferment or forbearance. After reviewing the notes you realize that paperwork was sent to them but never sent back.
So you ask the obvious question.
When did you you send that paper in?
“Oh I didn’t” they replied. “The last rep signed me up for it.”
Now I don’t know whose mistake this was but there was definitely a communication breakdown. There are very few forms that can be done verbally. Most must have a form filled out manually because proof needs sent with it or to be done online. In fact off the top of my head I can only think of two instances this can be done instantly. While I am sure there is more it is certainly not typical.
The other bad part about this is often times you are given General Forbearance time to fill out the form and don’t realize you needed to do something until you are delinquent again. This will require more forbearance time to fill out the form. Since you only have 3 years of this forbearance, this is important.
Point overall is make sure you understand what needs done to qualify for a forbearance or deferment. Know if a form needs filled out and what needs sent in with this form. Be proactive and you will find much success when it comes to loans.