chasmith Tracker

Re: Credit reporting IIB

chasmith — Sun, 12 May 2013 15:24:29 GMT

It seems to me this is redating. They either cannot report, or must repost with the correct date. What they are reporting now is inaccurate and an FCRA violation.

Re: The Official NACA mortgage thread

chasmith — Sat, 11 May 2013 12:20:39 GMT

I don't think a local BOFA person will be involved, it's a national program between NACA and BOFA. There's even some risk the local person would see you as a "lost deal" for them...

Re: score effect of BK account falling off

chasmith — Sat, 11 May 2013 12:13:53 GMT

This doesn't really give enough information and in all things related to scoring YMMV.

When you say 10 accounts will "fall off" do you mean the IIB reaches 7 to 7.5 years? Id that's the case then the negative should fall off, not whe whole account.

Re: The Official NACA mortgage thread

chasmith — Wed, 08 May 2013 19:47:21 GMT

NACA has two programs - Home Save and Home Buyer.

For Home Save NACA has contracts with many lenders, relating to modifications to make loans more affordable.

Unless it has changed, funding for the Home Buyer program is Citibank or BOA, it's based on geography.

Re: The Official NACA mortgage thread

chasmith — Wed, 08 May 2013 19:28:58 GMT

I closed last April (just about 13 months ago) and I pay the $50 monthly. When I was ready to close my counselor questioned whether I needed to but I went ahead and closed. So I know there was discussion of ending that NSF fee but never found out what happened.

Re: Can't remove judgment: Equifax (Not mine)

chasmith — Wed, 08 May 2013 19:16:13 GMT

Are you sure the phone calls are for this item?

I had a problem for more than two years with calls from persons with heavy Indian accents and very Anglicized names claiming to be "investigators for a law firm", going to sue / have me arrested / etc. unless I arrnage to pay them right now. No good explanation of what I supposedly owed money for. They named a law firm and city but of course wouldn't connect me to an attorney, give me a bar card number or otherwise prove they were anything but a scam. I looked up the law firm in Martindale Hubbell (it was a very prestigious large firm in Los Angeles), called the main switchboard and was told it's a scam they are aware of but cannot get stopped. The scammers changed claimed firms and cities several times. Since they were using a provider who sells US phone access to overseas users (perhaps from an Internet Cafe using VOIP from the background noise) threats of legal action didn't bother them. The calls seem to have finally ended.

Re: Name on Deed but Not Promissory Note Question

chasmith — Wed, 08 May 2013 19:00:30 GMT

It may be best to document this as the answer if you have answer the question. It seems to me that foreclosure is an action to take title (the deed) and the fact you weren't on the note spared you the lates on your CR but there's another system that tracks foreclosures and you don't want to risk being accused of making a fraudulent application to a bank.

Depending on the laws of your state the lender might have had an "interesting" problem in the foreclosure since you are on the deed but not the note. It sounds like you let the property go through foreclosure so that's not useful now.

Re: The Official NACA mortgage thread

chasmith — Wed, 08 May 2013 18:34:20 GMT

Yes, it's $20 a year for membership. Then $50 a month when you have your loan, that goes to the Neighborhood Stabilization Fund and lasts for between 5 and 10 years depending on the amount of the loan.

The NSF money lets NACA help people who get into trouble and is sort of a replacement for PMI. The focus is on helping keep folks in their homes, PMI protects the lender not the homeowner.

Re: The Official NACA mortgage thread

chasmith — Wed, 08 May 2013 17:59:01 GMT

I think it's worth it, but it's $20 a year not $20 a month for membership.

I would transfer the funds you want to show to a savings account now, open a new one if you need to, and never withdraw from it. The $3,000 should count toward MRF.

Re: The Official NACA mortgage thread

chasmith — Tue, 07 May 2013 16:15:25 GMT

I don't think that's going to work unless you can advance the money, but $100K up front seems extreme and I would worry the builder has financial issues.

I put $1,000 down as a lot deposit, and added $14K to bring the deposit to $15K when NACA formally approved the contract. That money all came back to me at closing and was applied to prepaid taxes, and used to buy down my interest rate.

When I signed the lot contract the builder was just pouring footings. This was a set of 7 townhouses, the buuilder's lender had them on a short leash as they needed 5 lot contracts to go beyond the foundation, about the same number of purchase contracts to start framing the group, and then needed an unconditional loan commitment to finish out each unit.

Given that I was able to front the 15K (it came from my funds to close and payment shock savings) there were no problems putting this through NACA.

Re: An Emphatic NOOOO from usaa card....

chasmith — Sat, 04 May 2013 12:33:22 GMT

USAA can be very conservative.

I'm a full member with BK discharged 11/2009 (no loss to USAA). After two years oerfect performance on their secured card I was declined for unsecured last September.

I like USAA and continue to do some business there (banking and insurance) but there are better places to go for credit after BK.

Re: Direct Deposit After Filing

chasmith — Thu, 25 Apr 2013 12:08:49 GMT

Before I filed, on advice of my attorney, I opened a new account at a bank I had no debt with, and one he said was known for not closing accounts due to a BK.

I would do that if I were you, open a new account elsewhere and verify your direct deposit is lowing there before filing.

Re: The Official NACA mortgage thread

chasmith — Mon, 22 Apr 2013 14:19:05 GMT

What NACA office are you working with?

Your approach seems correct, here are some suggestions:

See if you can pay your membership and credit report fee online. When you go to your first meeting, they won't be able to take cash or a credit card. Take a check with you so you can give them the routing and account numbers, they can take an electronic payment that way.

Sometimes the counselors have trouble accessing uploaded documents. I would definitely upload, but also bring the hard copies of all supporting documents.

Re: Should I apply for a secured CC now or just keep waiting?

chasmith — Wed, 10 Apr 2013 17:10:30 GMT

I would definitely try to open a secured card to maintain progress rebuiulding. Try local credit unions, CapitalOne or BOA.

Re: The Official NACA mortgage thread

chasmith — Tue, 09 Apr 2013 11:28:19 GMT

I closed on my new home in April last year, 29 months after my BK7 was discharged. I received my NACA qualification 26 months after BK7 discharge, then it took three more months for my new construction home to be ready to close.

It was absolutely worth it for me. I did get frustrated at times, and looked at FHA, I was $15K ahead on day 1 by going with NACA!

My advice is to be patient, do everything your counselor asks, exactly as they ask, and be patient. Adfter all that be patient.

Re: TU didn't consolidate my auto loan shopping HP's is this normal?

chasmith — Sat, 06 Apr 2013 12:44:06 GMT

It's also possible not all of the inquiries were properly coded as auto loan. If not properly coded they wouldn't consolidated. But the consolidation does oertain to FICO score, not other lender evaluation methods.

Re: Target Red Card CLI Factors: Confidential and Can't Disclose?

chasmith — Thu, 04 Apr 2013 12:40:31 GMT

I've seen all the posts about low Target limits and no CLI since joining this forum. So I didn't even try Target, but took their RedCard debit card which is linked to my checking account, still gets the benefits (5% discount, free shipping of furniture...).

Re: Collection Agency would not accept certified mail help me!

chasmith — Wed, 03 Apr 2013 19:03:50 GMT

I guess I don't understand how they can get away with this. IMHO this demonstrates a conscious effort to evade responsibilities under FDCPA. That's how I would word my complaints.

I know FTC complaints are generally useless but this is unique enough, I would file complaints with FTC, BBB, and appropriate state agencies (whatever agency does general consumer protection or debt/collections and also the licensing agency if Louisiana licenses collection agencies).

Re: Collection Agency would not accept certified mail help me!

chasmith — Wed, 03 Apr 2013 18:30:35 GMT

What I do is to clearly mark "Sent via CMRRR and First Class Mail" on the letter. Then do that, send a copy fiorst class, and a copy CMRRR. If the CMRRR gets returned for resed or just not picked up, I save it with the copy of the First Class Mail (I keep a proof of mailing for that). It may just make me feel better but my theory is it helps prove they got the letter.

Re: Possible to join NFCU? (Deceased Father honorably discharged from Navy)

chasmith — Tue, 02 Apr 2013 13:33:53 GMT

I belong to both USAA and NFCU. I no longer do business with large national banks.

USAA is a Texas Insurance Cooperative, an odd membership ownership structure that dates back to when they were originally founded to offer car insurance to officers. So in terms of services offered, customer service etc. they are very much like a credit union. But the insurance cooperative owns the bank, brokerage company, etc. That's why they have full membership (now open to anyone honorably discharged and family), and as pointed out banking services for anyone (although some services are offered only to full members).

Credit Unions are non profit, and despised by banks. At one time the "field of membership" requirement was loosened or removed, some banks sued, and it was reinstated. It is hard for a CU to change its field of membership, and because of its size NFCU probably would get more scrutiny than others.

Credit Unions (there are national and local), and community banks, especially Mutual type banks owned by their depositors are far better for the consumer, IMHO, than the giant banks.