Mortgage Loan Question??

Discussion in 'Credit Talk' started by dmplz618, Sep 25, 2003.

  1. dmplz618

    dmplz618 Well-Known Member

    My husband and I spoke with a broker at Cartaret Mortgage yesterday. She pulled our credit files to process our pre-approval. She called back and stated that everything looked good except for a repo for $7078.00 that I have from 9/1996 that is scheduled to drop off of EQ in 11/2003. She stated that I we may need to do something about that balance. Why should we have to open up an old can of worms with this finance co. if we only have 30 days to wait until it drops off?? I thought that if you had an account on your reports that was scheduled to be paid off within the next 10 months it wouldn't count against you when the Loan Officers/Brokers were reviewing your credit for a Mortgage Loan. Wouldn't that be the same case if you have an account that is scheduled to fall off within the next 10 months? Can anyone give me any suggestions as to what I should do?
  2. SoParkDiva

    SoParkDiva Well-Known Member

    Save your money. Wait until the derog falls off your report. Apply with another mortgage co that is not aware of your history.
  3. NiceGuy

    NiceGuy Well-Known Member

    Yes, wait until it drops and then go elsewhere. It may surprise you and actually drop on 10/1 since EQ is in the habit of dropping a month early.

  4. dmplz618

    dmplz618 Well-Known Member

    This co. was willing to offer us a 100% financing at 7.5% with 6% Seller Contributions. Would it be better for me to tell them whatever is necessary and then when they pull another credit report before closing they will see that the collection is gone??
  5. lbrown59

    lbrown59 Well-Known Member

    Better Idea dispute it as obsolete with the CRA.
    Since it's this close to falling off they may delete it.
    When you dispute with the CRA don't say anything to them about trying to get a mortgage.

    Most times when you dispute as obsolete within 2 or 3 months of the drop off date the CRA will simple remove the item from your report.

    THE END ** *** ** LB 59
  6. lbrown59

    lbrown59 Well-Known Member

    Do what I said in my other post.
  7. dmplz618

    dmplz618 Well-Known Member

    THANKS LBROWN59!! I disputed as OBSOLETE and they deleted on 10/1/03. I gained 31 points on my EQ report. I am now at 629.
  8. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Mortgage Loan Question??

    Hay that's great.

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