I recently applied for a 2nd mortgage and was approved and even signed documents. My loan is scheduled to fund tomorrow. I received a message from Chase Credit Services today that they needed more information. I had not been dealing with this company so I believe it is the underwriting company. They need a Credit Supplement from my 1st mortgage company because they are only reporting in Eperian and hasn't been updated since August of 2003. The problem I have is that I had been 30 days late on my mortgage payment in October of 2003 and they reported as such. After I came current they told me to dispute the lates and they would report current. Well they didn't respond at all for Equifax or Transunion and the tradelines were deleted. They did report current for Experian but have not updated it since. It seems they are going to setup a conference call with my mortgage company for me to give permission for something that I am still not clear about. I am afraid that the lates are going to come up and kill the loan. I was aware of the lates but since they weren't showing up on my credit roports I figured I will be approved. What should I do? Will my loan fund anyway if I delay the conference call? Should I talk to my mortgage company first? Please give me some feedback.
All they should need is WHEN OPENED, AMOUNT DUE, MONTHLY PAYMENT, IS CUSTOMER CURRENT??? They shouldn't need anything else (not a mortgage loan expert)
Folide, First Chase is the "investor" or "lender". You are probably dealing with a broker who has sent it to Chase. A credit supplement would be aquired from your lenders credit company not by a "phone conference". You said you are afraid the "lates" are going to show up...you said you were late once in 10/2003. Are you current now? The last thing lender doing a second mortgage wants to see is a current mortgage late. The supplement is a "prior to funding" condition that your lender needs to take care of. I would call my broker first thing in the morning and ask them what the heck is going on. It is unusual for the Lender to contact a borrower. Ask them if they have received the supplement. Do they know of the late? I'd be upfront with them. Most likely your loan will not fund until they receive the supplement (easy to do BTW). Good luck!!!
I am current now but was late in Ocober. My broker told me the reason they called me is because they need my authorization.
Authorization for what? All the authorization they need is in your loan package. Ask the broker what they are authorizing. He doesn't need another authorization to get a credit supplement. I'd ask more questions. Ask them if it's a "prior to funding condition". Ask them what the authorization is for and ask them to give you the real scoop....etc. Did you tell your broker that you had a late so they know how to deal with it. The lender/Chase may allow I mortgage late It's better to be upfront with your broker (they don't make $$$ if you don't close). Good luck!!!
