OK, here's the scenario: My scores range from 580 to 620 and I have two medical collections from 2000. One for 135.00 and one for 3500.00. I intend on handling these through the OC. I have reported 13 90-day lates from Countrywide mortgage up to 4/2001. They were good with me and let me sell the house but the report says settled for less than original amount/foreclosure proceeding were initiated. My question is, which of these two, if removed would effect my score more. I don' t think there is anything I can do about the 90-day lates except dispute but I just want to know how dramatic, if at all, my scores will be effected by the collections. FYI, I just didn't pay my mortgage for the hell of it, spouse ran out, no money, you've all heard the story. THanks for the help.........
If you are asking from the perspective of a nonconforming mortgage...the medical collections would have virtually no impact at all...(it is very doubtful that you could get a conforming mortgage)the mortgage lates on the other hand will pretty much cause you to pay alot higher interest rate that you would be required to otherwise(if you could find a lender at all)...agood rule of thumb is to be able to show at least 12 consecutive months of either perfect rental or mortgage history when applying for a mortgage. I can even get someone with a 500 score a mortgage if there are(verifiably) no lates on rent for at least a year(cancelled checks are the usual method of proving that) BTW...that statement that "foreclosure proceedings were initiated" is almost a "kiss of death" for at least a year probably 2 in most cases. Good luck to you. fla_tan
