topic Re: We closed WITH Charge offs! It can be done! in Mortgage Loans

We closed WITH Charge offs! It can be done!

scmami — Thu, 29 Nov 2012 23:46:09 GMT

Two weeks ago today, we closed! Over the last 10 months or so I have spent countless hours reading MyFico, figuring out what to pay, what to leave, how to GW, how to dispute, just FIXING our messed up situation! We finally closed on our home, thanks to everyone's advice here. A quick snapshot of our current credit:

642 & 647 mid Fico scores. First, the bad, Foreclosure from 2008, an unpaid non recourse 2nd mortgage, 2 paid collections, several settled charge offs, and 4 unpaid charge offs ranging from $700-$3200. Also, another charge off for over $11k that we settled, but were not required to! The good: 2 auto loans, only one late pay 18 mos ago, 2 credit cards, and 2 student loans. No other lates within 4 years. Our DTI is pretty low also.. 26%. I will say that I could not sleep the entire process.. My loan officer was horrible at following up, but he was doing something right apparently! We were prepared to pay everything off if asked, but never required to. If it helps, this was new construction using the builder's preferred lender Academy Mortgage. A lot of prayer and all the support from you great people got us here... THANK YOU ALL!

Re: We closed WITH Charge offs! It can be done!

basballguy — Thu, 29 Nov 2012 23:48:28 GMT

congratulations, this is a good example for everyone that thinks they're on the fence.

Re: We closed WITH Charge offs! It can be done!

asp123 — Thu, 29 Nov 2012 23:49:25 GMT

Doesn't it feel wonderful!?!? So happy for you!!

Re: We closed WITH Charge offs! It can be done!

scmami — Thu, 29 Nov 2012 23:50:07 GMT

Thank you! I searched high and low for posts like this while I was waiting for the approval... I really want to give someone the glimmer of hope I was searching for!

Re: We closed WITH Charge offs! It can be done!

Epcot — Fri, 30 Nov 2012 00:01:26 GMT

Wow, that's great, Congrats! :)

Re: We closed WITH Charge offs! It can be done!

HuntingMama — Fri, 30 Nov 2012 00:28:44 GMT

Thank you so much for sharing your success. It is because of posts like yours that I have hope for a house soon.

DH has 3 unpaid CO's from 4 years ago (total under 12K), and I have a redeemed repo from 5-2009, and he has one from 01-2010. I am hoping that if I can get the RR's off the reports that we can still get approved with the CO's. If not, we will just work on PFD's and let time work for us.

The sad part is, the last few years have pushed rentals so high, that a monthly mortgage payment is only 60% of the price to rent the same house...

Congrats, and thanks again for sharing your success!

Re: We closed WITH Charge offs! It can be done!

scmami — Fri, 30 Nov 2012 00:40:11 GMT

@HuntingMama, my biggest fear was applying, getting turned down, and wasting an inquiry. The best thing we did was speak with (several) loan officers about our chances given our credit situation. It gave me peace of mind and guidance to hear "yes, this loan should work" or "no way, fix this and come back next year". If we hadn't tried, and went off what we thought we needed to pay off/save up/etc, we STILL wouldn't have applied to this day. Good luck with your journey!

Re: We closed WITH Charge offs! It can be done!

awdsmama — Fri, 30 Nov 2012 00:47:07 GMT

Oh wow, CONGRATS!!!

So happy for you and happy for myself as well to hear this, as I have 2 COs not falling off until 2015 so I thought I may be stuck....sounds like I'm not!

Re: We closed WITH Charge offs! It can be done!

HuntingMama — Fri, 30 Nov 2012 00:57:12 GMT

Just remember, thank you for the inspiration!

You share the same thoughts that we are going through right now. We will also not let that fear stand in our way. We plan to apply in Jan'13.

Isn't it sweet when a present comes early? Merry Christmas!

Re: We closed WITH Charge offs! It can be done!

scmami — Fri, 30 Nov 2012 02:05:58 GMT

Good for you guys! This was the only thing we wanted for Christmas and it's better than I could have imagined! Good luck... I'm so glad to have inspired you! Merry Christmas to you too :-)

Re: We closed WITH Charge offs! It can be done!

phumanr — Fri, 30 Nov 2012 02:08:51 GMT

Hi There,

Congratulations! I am very happy for you.

I am in a similar situation..long story short, I settled about $80K in bad debt, including two paid repossessions. I have a dismissed BK which is 1 year old on Saturday. I have spent countless hours reading and working on my credit for the past six months. I have, 706, 641, and 594. With the 641, I am scheduled to close a new construction build by 12/28 with Academy Mortgage. My loan officer has been terrific...I am hoping I can close before Christmas.

I will keep you all posted. SCMAMI, again, congratulations!

Re: We closed WITH Charge offs! It can be done!

vabound — Fri, 30 Nov 2012 02:15:05 GMT

Congratulations!!! This is very inspiring......my husband and I going through this process now and just had to switch lenders because our first broker had no clue what he was doing. Now we are working with someone who took a look at our not so great credit situation and decided to push to get the deal done. We have a few paid charge offs and one paid judgement fron 08. My husband does have an unpaid chargeoff for $4k (for his exwife's car that she never paid off after the divorce). Our broker said that it may be an issue but he submitted his divorce decree and we are hoping that he doesn't have to pay it. We are hoping things will get done and quickly because we are already under contract.

Re: We closed WITH Charge offs! It can be done!

scmami — Fri, 30 Nov 2012 02:17:51 GMT

Thanks phumanr! I have read your story! I'm so happy all is ending well for you too! I didn't enjoy my loan officer AT ALL, but overall Academy seems to have very flexible approval guidelines, which I'm grateful for!

Re: We closed WITH Charge offs! It can be done!

scmami — Fri, 30 Nov 2012 02:32:24 GMT

@vabound I hope all goes well for you! The waiting is the absolute WORST.

Re: We closed WITH Charge offs! It can be done!

webhopper — Fri, 30 Nov 2012 02:56:47 GMT

Congrats on closing!!

Re: We closed WITH Charge offs! It can be done!

germaine47 — Fri, 30 Nov 2012 03:18:12 GMT

All smiles, Congratulation and welcome to homeownership.

Re: We closed WITH Charge offs! It can be done!

jasimae — Fri, 30 Nov 2012 04:10:03 GMT

Sending congratulations your way. That's great. I can only imagine how you're going to feel spending your first Christmas in your new home. I hope to be closing in January. Thanks so much for sharing your story!

Re: We closed WITH Charge offs! It can be done!

adonis2011 — Fri, 30 Nov 2012 04:53:06 GMT

Thank You for sharing! It feels good to read your post and know there's hope. Sometimes I feel we're the only ones in this situation- but it's inspiring to read the success stories. I to have lost sleep over this house process. I pray every night things work out for my family and I.
Congratulations to you! So exciting starting the new year in a new home:)

Re: We closed WITH Charge offs! It can be done!

ficochat — Fri, 30 Nov 2012 09:25:10 GMT

Congratulations - enjoy your new home!

Re: We closed WITH Charge offs! It can be done!

Lasardo — Sat, 01 Dec 2012 02:37:10 GMT

Thanks for posting!
It's nice to hear some good news!