My current FICO score is 690. I have a collection reported in my file that is unpaid. The CA is RMA and collection dates to 3/99 for $700.00. It is reported on Experian only. It is the only negative on my file. What are my chances of getting approved for a mortgage loan with the unpaid collection shown on file? My score should be decent enough for a home loan however having the collection there is what worries me.. Should I try my luck in a getting a loan approved or do I have to settle or pay the collection before hand. Thank you
Do you know anyone in the lending business you can ask? Personally, I was told that they want to see any outstanding debts paid...but you would qualify with a higher interest. Have you sent validation to this CA? Try doing that first if you have a couple of months to spare!
Have it removed or it MUST be paid...as others have said that have been in the mortgage hunting mode... Over 30 years that EXTRA interest would be WAY MORE THAN $700...
I went through this a couple pf years ago, this MUST be PAID and then you will need a letter for proof
With your collection being as isolated and aged as it is, I know of a leading home mortgage lender who could qualify you for up to 100% financing on a home purchase. Of course, other criteria might need to be met, but it's worth a shot. Let me know if you are interested. Donovan
