We applied for a mortgage and were told to bring up are FICO for 100% financing. The lender gave me some info he found. Not yet having found this board, you guessed it I called an agency in CALIF. Progressive management sys.They do hold a permit in my state NC I checked. It is in my husbands name and is for a utility bill. I got all the info and said I would send payment. Today we get a letter in the mail acknowledging your promise to pay.The last charge is 2/2/99 which is past the sol. Do I try to negotiate for payment for removal? or do I dispute using sol. Are we out of luck? Lucky for me I couldn't find phone #'s for the others and it was Fri., found this board Sat. Humbly bowing to those in the know!!!
If you are currently trying to get a mortgage...I would negotiate payment for removal. You don't have the time to get it deleted. Tell your broker what you are doing and he can get you a rapid rescore after it is paid. I don't know what your score is now, but you can get 100% with as low as a 580. Some lenders will make you payoff any collections (but this one is old and could not affect title). Remember, if you pay it and don't get it removed it will hit your score because the DOL is now rather than 2/99. Are there any others? How much do you need to raise your score to get to your 100% goal? Is your score a lot higher than his? Hope that info helps. RE/Loan Broker
thanks loan queen...We are not quite at 580. His is lower than mine. We have a state lein that we are in the process of settling. It will be paid in May. We have about 3 each under 200.00 collection. I am going to disput most as not mine. We have lein release on fed tax leins that wont come off for 5 years they have been paid. We are trying to buy the house we now live in and have as much time as we need. We live in Charlotte NC. The biggest problem is are utilzation of cc, last report 102%(late fees from progressive cc). I am working hard to get these balances down to 20% before we apply again for the mortgage. I belive it will take me six months to get all fixed. I would love to pick your brain and educate myself more on what to do to get the best rates, are you willing????
Re: Re: Did I mess up to bad??? ok ms loan queen you asked for it. Here are the questions going through my head. Let me first say I know nothing when it comes to purchasing a home. My husband and I make a combined income of about 67,000.00 we have two car payments totaling 646.00 monthly 2 yr history no late. We have under 5000.00 in credit card debt. we do have several 30 days late and one sixty on cc. I can get all the coll accts paid or off before we apply. We will be showing satisfied tax liens 1993,1994,1996. I want to know if I can afford more than the home we are in 135,000 we currently pay 1150.00 rent. The owners want us to buy the home. We haven't had it appraised , homes in the area are selling for 132,000-150,000. At what fico score will we need to reach to get a decent loan rate. We have no down , but will have money for closing. We would like to stay at about the same monthly payment with tax and insurance included...what other info do you need to give me a picture of where we stand? Also do you have any recommendations for a broker in our area? Your very kind to help me with this.
Re: Re: Re: Did I mess up to bad??? OK...here's a senario...100% with a 580 score (one loan) 7.7% at par (no origination). I've estimated your taxes and insurance....ta da...payment of $1171...close enough? Another idea is you might ask the seller if they will carry a second. Sounds as though you are in no real hurry. I'd clean up what you can...then go for it! Remind me the state and I'll see what I can do. Good luck!
Re: Re: Re: Did I mess up to bad??? thank you so much. we live in Charlotte NC. What type of score would we need to obtain a loan in 5% range? If we purchased a home in the 190,000 what type of tax and insurance would be added to the monthly payment. I think I would like to do all I can to get the best score and then go for the loan. We have no reason to hurry, and pay a higher interest. any more tidbits for me???
Re: Re: Re: Re: Did I mess up to bad??? You can figure...estimate insurance .35 x purchase price. 1.5% for taxes. That is an estimate, yours may be more or less. I'd check with you local tax office or the seller for the tax rate. Remember, you want the best rate...doing a 95% with a 600 would be a better rate...but, you have to look at the big picture. Take the rate you can now and in 2 years when your situation is better. REFI! Also look at the tax beneifits you are missing...and who knows the value may inscrease and your seller may want more $$$$. Do you have a contract now? Best to get one if your area is going crazy like CA. Hope that helps.
Re: Re: Re: Did I mess up to bad??? this link might help: http://community-2.webtv.net/YCHANGE/STORAGE/page13.html you could use parts of it to let them know that you know that this is an uncollectible debt, and then you could try to settle for a much lower amount in exchange for deletion.
Re: Re: Re: Did I mess up to bad??? Thank you crowmom. Very good info. Loan queen..you make very good points! I was born and raised in CA. I put in 135,000.00 in a home search in CALIF and I swear I heard laughing coming from my computer. Things are a little slower here in the south. The home we will be purchasing in NC is on a 1/2 acre backing up to a pasture no to be sold. It is full brick 3 b 3 bath, full completed basement and more. This house in CA would be 600,000. You said ask seller if they would carry a second. Could you tell me more. How would this help us. How would I approach them. What would be reasonable? As soon as I am done here I will call the owner5rs and ask them to put this offer in writing.
