Deleting for Mortgage loan

[cjane1]

Hi all,

     Need help. My son is trying to get a mortgage and to qualify he needs to pay off a cell phone collection. He also has a broken lease but they said nothing about paying off the broken lease, both the collections are the same year. Does this sound correct? His collection for the cell phone is with Enhanced and will be doing a GW then a PFD since it is still in our SOL for our state.

[Anonymous]

Has your son pulled his three credit reports and gone over them carefully?

When you ask "Does this sound correct?" could you clarify a bit more what you mean?  Are you asking if it sounds correct that a mortgage lender might want him to pay off collections before they would lend him a lot of money?

[cjane1]

 I'm just wondering why he wouldn't be told to get the broken lease off his credit report, only the cell phone collection. I assumed that a broken lease would be more of a risk for a home loan or with the broken lease showing  he would be paying a higher interest rate. He did have his report pulled because he was told already how much his monthly bill would be.

[Anonymous]

Interesting.  There should be three reports, one from TransUnion, one from Experian, one from Equifax.  Or a single document with the three reports merged together, but where you can still see what each bureau's report says.

Did the broken lease appear on all three bureaus?  Did it appear as a collection?

Breaking a lease is not in itself a bad thing.  People often break leases, for which there is typically a fee of a month's rent (depending on the state one lives in).  Is the real issue that your son stop paying rent and owed the landlord money at the end (including fees) that he did not pay?  When did that happen?