Maybe I am being paranoid but I am curious...Lets say while doing credit repair someone disputes and sucessfully removes mortgage lates off their credit report. When applying for a new mortgage will they contact my previous mortgage company?
I'd be curious to know what info you have on this as well... I am in the process of re financing my current mtg with the same lender. They are telling me that a foreclosure started and a foreclosure are looked at as the same thing.Which ended up moving my crediscore down one grade. This doesn't seem right but I am not sure what tact to take with it? Not trying to hijack onno's thread, thought this ? was sort of relevant.
ohno My understanding would be that unless the lates show on the credit report they do not exist as far as a new lender is concerned. I do not know of any situations where one lender called another to get loan information. Hope this helps and good luck with the refi. fla-tan
hockeymom Your situation is actually diferent from ohno's because you are trying to stay with the lender. That means that not only do they look at your credit score but also look internally at your payment history. That history is not subject to FCRA because they did not get the information from an outside source. In my experience though, most lenders would more likely view a foreclosure started more as a 60 or 90 day late because that is more likely how it would show on a credit report. The only caveat would be if the original lender actually filed papers and started the actual process of foreclosure. In your situation you may be better off going outside to another lender. Hope this helps and good luck with the refi as well. fla-tan
thanks fla-tan. They are telling me that it will be off in another 12 mos and then they can streamline me. By the way the mtg co is Chase Manhattan.
hockeymom You're welcome. Again though, I would recommend that you talk with another company. By the time 12 mos is up the rates will probably be substantially higher and that can cost you a lot of money. fla-tan
An addition to this post. I did some more checking and if the lender has actually filed for foreclosure then yes most lenders will view it the same as a foreclosure. Sorry that I was not totally accurate earlier. fla-tan
