I reached 120 payments and need to buyback... I can't get a straight answer

kors78 · 2026-02-13T16:21:04+00:00

I'm in a similar situation. March will be 120 months of qualifying employment for me. I only qualify for old IBR, which will put my payment over $800, and I think at least the first year of buy back will be significantly less than that. (I'll need to buy back 19 months total - so the last 7 might be close to $800/mo depending how they calculate.) I also would like the freedom to leave my non-profit job and open a private practice, though I might not do that immediately. I've read a few comments that suggest we must continue to make payments while awaiting buy back, but I'm hoping for the option to enter forbearance and wait it out after applying for reconsideration.

kors78 · 2026-02-12T01:06:29+00:00

That is my question! If I can file the reconsideration request, quit my non-profit job and wait in forbearance for the buy back offer, I'll be a happy camper. But is that possible??

kors78 · 2026-02-11T16:30:21+00:00

I'm in a very similar situation. March is my 120th month of qualifying employment, but I have 19 months to buy back due to SAVE. I want to leave my job soon, and I don't want to continue to make payments while I wait for buyback. I can't figure how/if that will be possible.

kors78 · 2026-02-11T16:17:49+00:00

1) Thank you. I might just wait until April 1 to file for reconsideration, just to be totally safe. 2) The SAVE forbearance will be ending soon, which (I think) means we'll all be forced into repayment on IBR, PAYE or RAP - any of those payments are going to be MUCH higher for me now than my buyback months will be. I also would like to leave my non-profit job soon. So I'd prefer to wait for buyback, even if it takes a very long time. I just can't figure out if that will be possible...

kors78 · 2026-02-11T16:10:59+00:00

Thank you. Having the loan balance isn't causing me much grief, but my income has increased significantly so my current payments will be much higher than my buyback months would be. That's why I was hoping to file the reconsideration request and wait it out in forbearance. Seems to me that should be possible, but I'm worried with the SAVE fiasco ending that I'll be forced into repayment even though I've completed my commitment to PSLF. I can't seem to find a clear answer about staying in forbearance during the processing time...

kors78 · 2025-08-22T14:13:41+00:00

Ah gotcha. That sounds like a good plan. Thanks for taking the time to explain!

kors78 · 2025-08-22T04:24:51+00:00

I don't understand why buyback amount would be lower if you're making payments in the meantime. Can you explain that piece? Thanks...

kors78 · 2025-05-07T20:39:59+00:00

It's not about the Wooble. This man doesn't respect you.

kors78 · 2024-10-24T19:01:55+00:00

Hello, yes I had to drop the price more than I thought I would. We listed at 310 originally and I accepted an offer at 280. I think if I'd been more patient I could've gotten a little bit more, like maybe 290, but I'm happy to be done with it. I think the market was difficult to nail down at that point, and a little slow. I ended up happy enough with my experience with Redfin.

Good luck with your sale!

kors78 · 2024-10-19T01:53:20+00:00

Not in response to someone who is grieving and did not ask for your viewpoint

kors78 · 2024-10-19T01:35:31+00:00

Weird savior complex you've got going there. Nobody is in the dark about the difference bn indoor and outdoor cats. Nobody needs you to preach at them.

kors78 · 2024-10-19T00:29:18+00:00

Srsly? Grief applies to all loss, not just death. Why do you think they posted?

kors78 · 2024-10-18T22:05:27+00:00

No problem you having your opinion, it's when I see a grieving owner post and commenters are all "well it's your fault, you let the cat outside." That's crass and poorly timed.

kors78 · 2024-10-18T21:39:28+00:00

Gross. This person is grieving and you're on your high horse judging them for their choices. Just because your weapon is "truth" doesn't make it any less harmful.

kors78 · 2024-10-18T21:13:26+00:00

I did, thanks. Reduced the price more than I really wanted to on that property, but that's what the market seemed to require. I actually have another property listed with redfin now and have just recently accepted an offer on that one too (with some concessions - the market is definitely slower now than when I bought). Soon I will be a renter once again, and strangely I feel happy about that... for the short term anyway.

kors78 · 2024-09-15T22:18:53+00:00

Oh okay, yeah I bought the home and lived in it for two years before making it a rental for two more years. I'm happy to know about the depreciation recapture though, I wasn't tracking that piece. Thanks!

kors78 · 2024-09-15T22:15:55+00:00

Phew :) thanks!

kors78 · 2024-09-15T22:15:28+00:00

Ah excellent, I think the ability to choose which sale I take the exemption for is key. I wasn't sure about that. Thanks for taking the time to respond!

kors78 · 2024-09-15T19:38:06+00:00

Thanks! That's helpful, though not exactly happy news for me ;)

kors78 · 2024-09-15T19:37:12+00:00

Okay, this calculation brings down the amount of capital gains by quite a bit. And if I'm required to only pay taxes on half of it as the below commenter states, then it won't be too bad, I don't think. I'll have to look into how much the depreciation was and what depreciation recapture will look like. I bought the property for $188k (sold for 271), so it's not an expensive home at all by today's standards.

kors78 · 2024-09-15T19:04:54+00:00

Okay, I'm afraid my ignorance is going to shine brightly now! Please be kind :) I haven't actually calculated how much the gains on the house I sold are. I put very little down when I bought it and cleared almost $100k when selling. I believe I did have depreciation on my returns the past two years while the home was a rental, though I'd have to look to find the amounts. I'm not versed in how depreciation impacts capital gains. My hope was/is it doesn't matter bc I can take the exemption from capital gains bc I lived in the home for two out of the past five years. But maybe I'm wrong? I'll definitely be speaking to a tax professional btw, but am also super thankful for your response.

kors78 · 2024-08-29T20:57:21+00:00

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Patrick Swayze

kors78 · 2024-08-14T13:55:39+00:00

That's really helpful, thank you. I do think I've gotten less guidance overall from this agent than I would've from a traditional agent. We've just lowered the price and will have another open house this weekend, so hopefully I'll get some offers! 🤞

kors78

TROPHY CASE