What to do while I wait for my buyback application to process?
This month will be my 120th month of employment and next month I plan on filling out the application for buyback. I made 16 months of payments in forbearance, didn't realize those don't count, and will have to just take the loss and pay for those months again. I just saw how long an application can take to process. 10-24 months is wild. Anyway, I was not expecting to make anymore payments after this month, and money is getting VERY tight. Losing that monthly payment was going to give a hint of breathing room. So, my question is what do I do after I submit the application? Do I have to keep making payments? Can I go into forbearance while I wait so I don't have to spend money? If I do keep paying, will I get a refund? As I said earlier in the post, I'm already spending money for payments I made in forbearance, so I'd like to not spend a single dollar more than I have to.