Please help me figure this out, I need to know the best way to handle this situation... We applied for a mortgage (pre-approved), found a house and we have a collection on the cr that must be gone (paid, deleted, gone) by dec.20 and I already sent a disputes to the cra's of course they all came back verified, so I sent validation request to wf, they want ss# and copy of cr (Y??) and now I am at a stand still because time is crucial, I need advice please. amount charged off = $1800 DOLA = 12/02 Thanks for any help.
you have it verified that the collections have been paid off? if so get a copy of whatever showing a zero balance and get everthing to the Underwriter ASAP and you should be fine. I am a mortgage broker and if you have any specific questions to make the process go smoothly please feel free to email me and I can ensure that everything goes smoothly for you. Good Luck BB @ allied home mortgage capital corp. boot21_2000@yahoo.com all emails will be responded with my work address and contact information it is not listed here due to anti-spamming reasons, thanks for the understanding.
thanks for responding...unfortunately, its not paid off, its listed as a charge off and I was wondering if i should keep arguing with them to validate to us that its our debt or just try to see if they will settle 1/2 the money and deletion. (maybe even a letter stating paid) I dont know how to go about this so that we can get the mortgage. Please help, thank you. Also, Boot21, since your a mortgage broker maybe you could answer this question for me... If you have a TL on your cr but it is listed as "no status" how is that looked upon during the mortgage process? (positively or negatively) (not to sure what to make of that, myself) again thanks.
not sure what you are referring to as a TL if you clear up the abbreviation I will answer your question on that. Not sure who you are going through for the mortgage however I know I have lenders that will allow you to keep open collevtion/judgements up to $2,500. If you email you scenario I will be sure to repsond and give some more input to you that may be helpful for your situation, thanks! boot21_2000@yahoo.com
The no status on the Trade Line (TL) will vary depending upon the lender. More chances then not you will have to pay off the charge off. If you are going for a sub prime loan that isnt very appealing you can find a lender that will let you keep the charge off on there. Now if you are willing to pay it off...although yes, it may overall have a negative affect on your credit scores, you might be able to get a decent loan. So..paying off the charge off now....might be much less money then the type of loan and rates/fees that you will get if you keep it on. Remember as well that you will want to pay off the charge off close to if not at closing..because you never REALLY know the affect of the paid charge off and you will want it to take its affect AFTER you get into the home and not right before you sign......which could either throw you into a bad loan or break your heart and keep you renting.
