Denied no 2012 return processed

[fdiggy]

Its also always interesting these leaches came for me when i was apping for a mortgage. Theres no denying they are trying to cost you a house.

They are using housing lender rules to get people to pay money they dont owe or lose a house.

Hello big brother, this is where you should be stepping in. **bleep** these leaches down.

[fdiggy]

LO says as long as we close by June 7th no new credit pull. Wheeew! i think.

We should close next week.

[llecs]

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@fdiggy wrote:

If you pay it, its on credit report for 7 years as a paid collection that you acknowledge as valid.

It will cost me lots of money over the next 7 years.

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It wouldn't report longer. By law (the FCRA), a CA must drop by 7 to 7.5 years from the Date of First Delinquency of the debt. The DOFD is when you (or allegedly you) first went late and never recovered again with the OC. It doesn't matter if it gets paid or not, it still must delete by the 7 yrs and paying it will never change the DOFD. I didn't read through the thread so I don't know dates, but let's say it first went bad 5 yrs ago with the OC. It has only 2 more years to report. It doesn't matter if one CA buys it or 100 CAs buy it or if it gets paid, that one listing by the reporting CA must delete by the 7 yrs.

Per FICO scoring, FICO will weigh the age. So let's say you have 2 CAs who just started reporting today, one with a DOFD of last month and another at 6.5 yrs. ago. With everything being equal, your score would tank more with the newest CA. Now FICO also looks at the reported date. Both would have a reported date of last month. This date doesn't weigh as heavily as the DOFD but it can be damaging. So with each new CA that reports, damage persists.

[GPMDRL]

Who's your lender? I filed my taxes late March and owed $12k, preamp proved in April, final approval this past week. Self employed knowing I was going to apply so I made my 2011/2012 taxes much better than 2010. At application time I gave them my '11/'12 taxes. Then when they sent the 4099-T it said to pull 2010 and 2011. I told my broker the straight up truth in that my 2010 year sucked and I need 2011 and 2012. She said no prob, 2012 won't be available until June so they'll just use 2011 to match up things. That was the end of it and I got approved. I used Wells Fargo, conventional loan, 766 score if that matters. Maybe FHA is more strict.

[Booner72]

When we were getting the mortgage I found out in July that I had not filed for the previous year. I had paid what I owed but failed to hit the "submit" button on turbotax.

I just quickly filed electronically and then called every day to see if they had processed tax transcripts yet. They did it in just over a week. It shouldnt take them until July if you filed electronically.

[fdiggy]

I was set to use Mortgage lenders America but let my Realtor talked me into using her people Patriot Lending who are only selling my loan off to Premier Mortgage in Colorado.

So likely they Patriot go very strict to get top dollar resale of the loan.

I mean this was a $69K house is all with an income of $52K year and scores over 700. Its a solid loan that will likely be paid off in 10 years or less.

And they still dug deep.

[fdiggy]

Let this be a lesson to people out there, pick a good lender.

I was asked for updated Bank statement today so still no closing date set.

They have dragged this so long i am so close to pulling away from them picking a new Realtor and Lender starting over.

The Appraisal is still good for 60 days so i wouldnt even have to pay for that again.

[fdiggy]

Well now yesterday they asked for the 1 month lease we signed on the house to rent while tax transcripts came through. They said this was last request before CTC and they are trying to close Friday. Just seems a stupid thing to ask for. But they have already asked my Tax guy to sign a letter that i would make the same money this year as i did last so i guess not too crazy. Amazing how tight lending is right now. Spells doom for most the Country as those who are denied become cash registers for investors.

These strict lending guidelines are a golden ticket for anyone with cash to invest knowing theres many getting denied every day that will be looking for your rental. Can anyone else see the gap widening even more.

[fdiggy]

Finally got a call to close tomorrow at 2PM. What a battle.

[Mike_B03]

Woohoo congrats! Glad it all worked out.