Mortgage advice

kens1999 — Wed, 11 Jul 2012 18:21:35 GMT

Credit. Experian – 625 Trans Union 616 Equifax 594 - Badies – Triad Financial Repo 2007 settled in April 2008 (Santander is reporting the balance from the settlement (19k) as a charge off). There are 11 medical collections that have been paid off since 2009. There is 3 medical collections not showing paid just showed up from that time frame which we can pay now. No late payments since 2007. We have 6 small credit lines at 29% utilization (intentionally) that are under 24 months old. 2 Car loans have been payed off since 2007 and 2 more are current and never have been late. One started in 2009 and one in 2011
Income. Employed with same company for 12 years. Have W’2s. Income is about 80k yearly.2 years ago was at 71 and last year hit 78
Source of income. Employed – Salary with annual bonus
Monthly debt payments. Car 1 – 445. Car 2 -445. Credit card total added minimums are $100
Employment – Employed by employer – 12 years W’2s
Assets/Reserves. $31K in 401k. $15k in pension. $5k in savings
Location. El Paso County, Colorado
Property. Single Family.
Value. 250k to 275k.
Occupancy. Primary residence.
Transaction Type. Purchase

First attempt was thru Wells Fargo. They quickly prequalled/approved us back in March but quickly shot it down afterwards because of Santander.

Second attempt was the Quicken last week. Full credit review with the banker went fine. DTI according to him was great. Cash reserves were fine and 5% down accounted for plus 6 months reserves (according to him).Mid score passed and I stupidly gave them the $500 (non-refundable) to move forward because they were confident it was a slam dunk. Just now received notice that they cant get by Santander and it is dead.

I disputed Santander multiple times. Sent debt validation letters to them. Even sent them a copy of how Triad was reporting the line before they went away. Filed a complaint with the BBB and the FTC. Last response I received from them was stating that they would be glad to update the credit listing if I paid them 27k and they had a right to report that there was still a difference between the settlement amount and the amount owed if I didnt. It has a little over 2 years before it falls off the bureaus.

Since Santander seems to be the road block, is the only option to wait 2 years? I didnt find a FHA guideline that prevented them from approving.

Re: Mortgage advice

webhopper — Thu, 12 Jul 2012 04:29:17 GMT

Santander is awful. They did the same thing to me. My broker got on the phone with their office of the president and threatened.to sue if they didn't delete all negative reporting. I got a letter from them apologizing for any "inconvenience" this caused. Ill add the letter here (blocking out persons names) tomorrow. If you want contact info for their office of the president lady who got it done ill be glad to share this with you too. Mine was originally financed through citi. Santander bought loan in 2010; it was settled in 2009. They reported it as a chargeoff in 2010. Totally wrong and unethical. How can you chargeoff a 0 balance loan?

Re: Mortgage advice

webhopper — Thu, 12 Jul 2012 04:31:24 GMT

Do you have your settlement agreement and cancelled checks? If so ask the broker to fight it using rapid rescore

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