Emergency!!! 2 Weeks from closing and mortgage in jeapordy.

[Booner72]

Holy Cow

[ShanetheMortgageMan]

Disputed accounts with FHA just means the loan needs to be manually underwritten - if the lender manually underwrites loans and you meet all standard FHA guidelines then disputed accounts shouldn't pose a roadblock to qualifying.  However if you need the aid of an automated underwriting approval then the only time disputed accounts will not need to be removed is when:

1. The disputed account has a zero balance
2. The disputed account is marked as “paid in full”, or “resolved”
3. The disputed account is both
1. more than 24 months old
2. less than $500

[Shogun]

They have a 0 balance.  But my loan officer at my bank dropped me and sent me to another bank.  

[MEE2Too]

That was a horrible mistake that the loan officer you were working with made. During the beginning of my process my loan officer asked me if I disputed anything recently when I told her yes, she advised to get those removed before we started the process because my loan will be denied (it's now a requirement that they be removed).  Let your Realtor know of the situation and maybe they can speak with the seller/bank to see if your contract date can be extended 30-60 due to the situation until you find another lender and get those remarks removed. When I got my remarks removed two of the credit companies removed it that smae day and Transunion I had to wait 30 days.

I hope this helps.

[Booner72]

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@ShanetheMortgageMan wrote:

Disputed accounts with FHA just means the loan needs to be manually underwritten - if the lender manually underwrites loans and you meet all standard FHA guidelines then disputed accounts shouldn't pose a roadblock to qualifying.  However if you need the aid of an automated underwriting approval then the only time disputed accounts will not need to be removed is when:

1. The disputed account has a zero balance
2. The disputed account is marked as “paid in full”, or “resolved”
3. The disputed account is both
1. more than 24 months old
2. less than $500

---

Shane:  Please explain more about the bold statement.  Does making through AU kind of help you over the roadblocks of crappy stuff on your reports?  My LO said it would cost more to have to manually underwrite.  Thanks in advance.

[Shogun]

Got a new lender, everything pulled.  Will find out tomorrow, 08/05 on whether it's a go no go.   Wish me luck!

[Booner72]

GOOD LUCK

[CS800]

Goodluck Shogun, you sure have been going throug hell with those disputes and it;s such a pain to get them removed.

Before going through a mortgage, I will be making sure thgat I have these disputes comments removed. I have about 4-5 of them on each CR's all of them on PIF closed accounts. Theu have been on there for about 2 years.

Keep us posted on your mortgage.

[Shogun]

Got a call from the bank.  Guess it'll be Monday before we find out anything.  Seems like they just keep dragging along.  Some lady from the bank called and asked about our other properties.  We own 4 houses, this will be our 5th.  But this one we're actually going to live in.  Don't know what we're going to do with our old house, rent out or sell.  She said we didn't disclose our properties.  I didn't figure I had to, but oh well.  Hopefully Monday it'll be over.

[Lel]

The Uniform Residential Loan Application clearly requests information on assets, which includes real estate, and explicitly asks for an itemized list of properties owned (see page 3). In addition, it asks for details about rental income and present real estate taxes, hazard insurance, and association fees. So, based on the fact that you did not disclose your ownership of four other properties would suggest that there could be multiple inaccuracies on your loan application.