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Hello,
My name is Brian and I have been doing some reading/research on the forum. This is my first post.
My story is long, but I will try to keep it short as possible for those who do not like to read.
My wife has had a lot of health issues in the last 3 yrs that has burdened us with massive medical debt and loss of income. (She is no longer able to work)
Starting in Nov. 2009 is when things got really bad and I received a letter from BOA that my home was in foreclosure. I went through hell for 8 months, but I was actually successful in saving our home through a loan modification. We immediately listed it For Sale By Owner and was successfull with a quick sale.
During this 8 month period I saved every penny and chose the bills that seemed most important to be paid (truck loan, tractor loan, and Credit Card).
I quit making any payments towards medical except for co pays and prescriptions, as I just did not have the funds with my wife not working.
During this time I was sued by the health provider 3 separate times, and now I have 3 civil judgements/public records on my report. (All satisfied now).
I had a lender pull my report on 12/02/2011
Beacon 5.0 EFX01 = 603
Classic 04 TRU01 = 634
Fair Isaac Score 2 XPN = 679
The Bad:
3 Pubilc Record civil judgements = All satisfied
Forclosure stating -Started was Closed/Current
40 - collections all paid except for 1 @ $386
All collections are 100% medical and all derogatory credit is 100% medical except for the Foreclosure stuff that never went thru.
The Good:
I have one HSBC credit card in perfect credit history CL = $1100 and Bal = $479
I have not had any lates for a little over a year now
I have over 13 yrs with current employer @ 42,500 yearly
I do not have any other debt at this time
My lease is up in February and the landlord says that he is putting the house on the market. I do not want to buy this house, and I do not want to start a new lease and have to wait another year.
Do I have a Chance?
Brian
Yeah, I'd say you are. Pay off that card and your middle should be north of a 640. They scritinize the last 12 months which you are fine on. That is a ton of collections but with the reasoning behind solid and the time frame fitting, plus they are paid, I'd say you can find someone that will do it. Just make sure you look into the price range that will fit the lower end of the DTI spectrum as I would not expect it to pass automatic underwriting.
I am working with Prime Lending for FHA. I have a deed in lieu that was completed in Feb 2009 and I was told that as long as I have no late in the last 12 months, (I have no late in the last 37 months) I can be approved with a credit score over 620, I have 632, but if I was to be pre-approved with my scores today, I will be locked in at 4% I believe that you will be approved given that lenders are willing to work with people who are hard working and dedicated to take care of their family.
Go and speak to a LO. They are human and they will work with you.
Thanks for the encouragement. I will find out on Jan. 2nd if I can get a preapproval with Wells Fargo.
I still have one collection for $386 unpaid. It reported through EFX, but does not say who opened it.
How do i find out who it is so that I can pay it . It just has an account #57230, and states unpaid medical
Thanks again,
Brian
Well, try to Google it. Monday morning, give whoever own this collection a call and see if you can pay it in full, providing they will remove/delete the collection off your report. Once that is done, you should be in a better position to go forward with the pre-approval. Keep in mind, FHA don't look down at medical issues, but to be safe, pay it off if you can.
I wish you the best. keep us posted
You might want to try the HIPAA method to get rid of some of the paid medical collections. I was successful in getting Transunion to remove them all.
GOOGLE: "HIPAA METHOD MEDICAL COLLECTIONS". It is confusing but worth the time spent learning the process.
Good Luck!