Mortgage Question

Discussion in 'Credit Talk' started by Larissa, Oct 18, 2001.

  1. Larissa

    Larissa Well-Known Member

    I am hoping to be able to buy a house in the spring and have already talked to the Loan Officer at my bank...I have a question about something he said:

    He stated that since there is evidence that we have been making attempts to correct our past credit errors, he will be able to get us approved for a loan(using automated underwritting) once it has been 12 months since our last negative...what he didn't seem to know, and I am hoping someone does, is....

    In the case of a judgement, does the 12 month clock started the date it was filed, or the date it was paid?

    Any help will be appreciated.

  2. Larissa

    Larissa Well-Known Member

  3. mother2

    mother2 Well-Known Member

    I believe the date it was filed. Can someone back me up on this? However, I do believe you will have to pay it (or get it deleted off your cr) in order to obtain a mortgage.
  4. Larissa

    Larissa Well-Known Member

    Thanks mother!

    Actually I have 2

    One filed 10/99, one 11/00

    both are paid
    One 4/01, one 7/01

    So if it is date filed, I am clear next month...if date paid, I will have to wait until summer...these are the two most recent derogs.
  5. mother2

    mother2 Well-Known Member

    Don't feel bad. I just had a medical bill in collections hit my credit report. I'm debating now whether I should pay it. The damn insurance should have paid it but they take soooo darn long. It just hit a week ago so if I pay it tomorrow, it within a weeks time that it was paid. Hmmmm I wonder how they would note that?
  6. bbauer

    bbauer Banned

    Paid collections item -->7 years bad luck.
  7. Larissa

    Larissa Well-Known Member

    I don't know...I am beginning to hate CA...I have a collection from a phone bill...paid the stupid was sent to CA 06/97 and now that it is paid it lists as 120 days late as of paid date 04/01...stupid GulfStates!

    I would think it would look better that you paid it right away. Plus it is a medical bill, and I am of the understanding that those aren't as bad as other types of collections.

    Most of my judgements are from medical too, but I disputed the individual listings off, and am now stuck with the judgements themselves. I think these two and the one CO I have Bill working on are my only holdbacks from actually getting my own house. I hope that I can get this taken care of.
  8. Larissa

    Larissa Well-Known Member

    Anyone else have any thoughts on the original question?
  9. roni

    roni Well-Known Member

    I think "legally" you'll find it's gray... You could always make an argument that the earlier date should apply. Just my opinion.....


Share This Page