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Established Member
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Registered: ‎06-08-2007
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Question for mortgage experts!!!

[ Edited ]
My fico score EQ is 561.  True Credit TU 562, EX 541, EQ 567.  My husband are 508, 521, 558 respectively.  We want to buy a house in a few months if possible, actually we optioned a house but is a model home and they still need to show the house and can work with us giving us time until the end of the year.   I paid everything on my husband credit before I found this forum (just waiting to post and some health insurance payments)  This what I have in my credit report that have a balance due,   I have some money available this month to pay and would like to do PFD first but dont know how much to offer.  
 
75.00 Medical collection
75.00  Medical collection
1276.00  Harris and Harris    for Peoples Gas ( I have been told by CA that they can not settle for Peoples gas that they want all the money, I would like to try a PFD anyways)
340.00 Medical Collection
296.00 Medical Collection 
230.00  Medical Collection ( called them to verify the info and they said that the account no longer exist and when I asked them why is not deleted then, they said I have to disputed with the Credit bureau.  I will do it this week.
466.00  JC penney  (was paid in 2006 to CA and still in credit, I disputed and they verify the info)
466.00   LVNV for JC Penney (was paid in 2006 to CA and still in credit, I disputed and they verify the info)
 
I also have 3 judgments paid
 
Accounts open:
 
Car Loan    Balance around 8,000   no late payments in the last year
Capital One        300CL   (new card, not reported yet)
Orchard BanK    300CL   (new card, not reported yet)
Sallie Mae        Balance around 37,000  (deferred) no payments due yet.
Nicor GAs       No late payments since opened
 
If you need any additional info let me know.  Any advise will be appreciated.  Nancy


Message Edited by ineedcredit on 06-25-2007 08:27 PM
Regular Contributor
Posts: 255
Registered: ‎06-08-2007
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Re: Question for mortgage experts!!!

First I need to know who makes more money and if it is you... The lender will use you 562 Fico and you can do a 90% loan and maybe a 95% loan. You do not need to worry about the medial collection but will need to pay any that are under a year old. 
 
Whatever lender you are working with should be able to remove any paid collections that are still reporting within 48 hours. I know thats how long it takes me to do it.  My company won't do it for me... I had to write letters and wait 30 day. =( Guess they don't love me. lol
 
I think you need to keep your money in you bank account for right now. If the lender makes you pay any collection they will have the title company order the payoffs and but them on the HUD for closing.
 
If you have any questions please feel free to email me.
 
Good Luck!
Regular Contributor
Posts: 186
Registered: ‎06-06-2007
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Re: Question for mortgage experts!!!



OneMortgageGuy wrote:
 
Whatever lender you are working with should be able to remove any paid collections that are still reporting within 48 hours.
How can a mortgage lender remove paid collections?  or am I misreading?
 
thanks
ctRob
Regular Contributor
Posts: 255
Registered: ‎06-08-2007
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Re: Question for mortgage experts!!!

We have a company that does nothing but deals with XPN, EFX, TUC. Keep in mind that they don't just call and its gone. We order a Credit Merge Report and they verify that it has been cleared or we provide the proof that it is cleared and the company gets us an updated credit report within 48 hours and it even come with updated scores.
 
Here is a good place to get information on all judgments and lien for every county in the US. The site is not good for collection.
 
I just order a proof of a judge for a borrower and it was a $14,856 from Discover. My borrower is going to go pick it up and fax it to me and that is what I will us to get it off her report.
 
Established Member
Posts: 12
Registered: ‎06-08-2007
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Re: Question for mortgage experts!!!

I was laid off last year and have been on unemployment, while growing a business my husband started, but we have not filed taxes with the business yet.  My accountant told me that sometimes she have verified income to clients that are in the same situation, but not sure if this is something normal or is ilegal.  OneMortgageGuy, where are you located, if you can tell me?
Regular Contributor
Posts: 255
Registered: ‎06-08-2007
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Re: Question for mortgage experts!!!

I'm in Dallas, TX but I do loans almost everywhere. I can't do CT,IL,NC, and ME. That's the good thing about working for a bank! 
 
Well you need to go subprime stated and the MAX LTV I can do is 90.
 
When going stated subprime they want to see a min of two years of proof... Exp.. are CPA letter, bushiness license for 2 years, a degree, 1099, and etc...
 
" I have filled as Self employed for the last two years for John Doe. If you have any questions please call me.
 
Regards,
Jonn Cpa
CPA#123312331
000-123-1234  "
 
The CPA letter is the easy way.
 
Email me your contact information and I will call you to see what you can do. Every borrower is different.
Established Member
Posts: 12
Registered: ‎06-08-2007
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Re: Question for mortgage experts!!!

I live in Illinois, so does not work, but if you don't mind I will check back with you later when I talk to the lender.
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: Question for mortgage experts!!!

For everything that is current keep it current.

 

Have any mortgage brokers, lenders, banks, etc. pulled your credit for a home loan? Don't let them! If the CAs see "Mortgage Lending Made Easy, Inc." on your CRs, then they know you're home shopping and they won't yield one bit.

 

Don't apply for any new credit.

 

For the medical collections, paid or not, are any of them on debts the provider failed to submit to insurance? If you don't know, find out. Is it your current medical insurance? Call them or check their website. You can likely see claims from this year, last year, and possibly even prior years. When you call, give them the name of the original provider (Dr. Peter Venkman, Seattle Grace Hospital, etc.) and the date of service. If there's no claim from that provider on that date, ask the insurance company whether the provider has a time within which they must file a claim or absorb the loss. Sometimes the insurance company reps are all too eager to call a provider and set them straight on improper billing practices.

 

For anything where there's lates only, GW.

 

For anything that's unpaid, do PFD.

 

Keep your CC util between 1 and 9 percent.

 

For JCPenney/LVNV, are they PIF? If so, then GW the OC. If not, then PFD the OC.

Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: Question for mortgage experts!!!

On the paid collections and chargeoffs, send them a GW letter as well.
 
If you're interested, PM me and I can put in contact with a mortgage broker who is extremely knowledgeable about mortgages, credit, and the intersection between the two.
 
Established Member
Posts: 12
Registered: ‎06-08-2007
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Re: Question for mortgage experts!!!

The medical bills I have left are hospital copays and medical bills that were not covered by Health Insurance.  I am going to try to PFD.  How much should I offer is the total for one is 710, 296. and $1276
 
The JC Penney account was paid last year and still have a balance due.  I sent payoff letter to current CA. 
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