I have been investigating whether I can get pre qualified/approved for a mortgage. Not going to decide at this point, just want to see what I could be eligible for. One of the lenders has really been trying to work something out. My FICO's are 602, 623 & 644 I have a couple of questions about things that have shown up. 1. I had a no asset Chap 7 in 2002. I did it pro se due to no funds, a friend of mine knew a person who did the paperwork, I carried all bills etc with me to the hearing. After it was over I filed the papers and didn't even look at my credit reports until 4 months ago. Now I find several debts that I had thought were IIB, the dates show they were active at the bk filing date, listing as CO's etc. I become suspicious that these were not listed/not notified of the Chap 7. I did not reaffirm any of these debts. My original papers are in my safe box at the bank. However I found out about PACER and went there and pulled my case number. On the creditor list those debts are not listed. I will get my papers Monday morning but am afraid it will look the same proving that some of the creditors were not listed on the bk and got no notice of the bk. I have disputed these with the CRA's and have sent a few letters out to OC's that verified. I am still awaiting the results. Will I have difficulty getting these updated? I had a 0 asset case, which, unless I have been misinformed should cover all debts that were in force at the time of filing. Should I just continue letters & disputes as I have been? 2. The lender that has been trying to work with me wants me to send my bk papers to them so that thier credit person can match any debts up with my papers and send for an updated report. I described to them that I feel debts are missing. She said they will match what they can and that will prob be enough to possible make me eligible. How does that work? I wasn't aware that could be done. I am full of questions, anyone experienced/dealt with something like this? Sorry for the length! Thanks, Tegleg
Im in the same boat as you. I filed in 02 as well. My scores are a bit higher because I disputed a few things that 'illegally' lingered back in 04. Now my wife and I are shooting for a house and Im trying to clear up the 3 or 4 things that are keeping me down. I did ask my lawyer during the process what would happen if we misquoted a balance due or missed a creditor. He said it would be a 'typo' and could be fixed by him filing some papers. If noone else here knows for sure, perhaps you could visit a local bk attorney and see what they say. A $50 visit is a lot cheaper than %2 increase on a mortgage!
You need to find out how your district handles things like that. http://www.usdoj.gov/ust/eo/public_affairs/articles/docs/abi012001.htm
I went to the PACER site and was able to view and print my documents. The good news is I was able to match up 6 bk'd accts with 6 current accts on my credit reports that are not reporting correctly. There are 2 that I couldn't find, therefore I beleive those two did not get listed. I sent letters and a copy of my bk notice to each creditor. The mortgage lender is going to match my bk papers up with my credit report and if it looks like approval will fly they will submit the data and get my credit report that they use updated. I didn't know this could be done. I didn't know there was a difference but the report the mortgage lender sent did look alot different than the ones I see. At least I beleive that even if I can't qualify now I will later when these accounts get straightened out. Wait, wait then wait some more. Uggghh... Tegleg
Gggrrrr.... I just had a thought. I have 8 accts reporting as CO's and collections on my credit report and they have been there for the last 5 years. After getting my bk papers I was able to match up 6 of the debts. So evidently 2 of the debts prob didn't know I had filed but will soon because I sent letters to each of the OC's with a copy of my bk notice. So I am sitting here fuming because I realize the other 6 were informed most likely because they were listed in my bk. They continued reporting incorrectly and 2 have even verified that thier info is correct after I disputed it with the CRA's. Could it be possible that none of the 6 received notices? Or do they just choose to ignore notices they get? 1 or 2? maybye, but all 6? The mortgage lender I am working with is going to submit the data to get my credit report updated. Will that mean it will change on my credit reports too? Just irks me that they will be able to get it fixed while I have been trying and trying to get the same thing accomplished. Bah! /rant off Tegleg
"The mortgage lender I am working with is going to submit the data to get my credit report updated. Will that mean it will change on my credit reports too?" Sounds like your lender is using rapid rescoring. It is my understanding that this is done by third party companies that purchase and merge the report information from the three CRAs. I don't know if the corrections applied to your reports to do this also get submitted back to the CRAs that were the source of the original (erroneous) information as consumer disputes. Perhaps you could ask them. "Could it be possible that none of the 6 received notices? Or do they just choose to ignore notices they get? 1 or 2? maybye, but all 6?" Either is possible. The whole credit reporting system is designed to allow errors with no liability to anyone until YOU catch it.
Wow!! Thank you for that information, I didn't know that. I did send a note to the lender with my bk papers asking them if any changes would be apparrant on my report also. I'll post it when I find out so other peeps can be informed. Well, I guess I must have a pretty good chance or they wouldn't be trying it. Doesn't make sense if they feel the loan won't fly. And they aren't charging me, not yet anyways. Wish I hadn't been five years catching this lol. I always manage to do things the hard way. Thank you for that info! Tegleg
