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FHA..... Disputed Accounts & Collections. UPDATE!!!

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DallasLoanGuy
Super Contributor

FHA..... Disputed Accounts & Collections. UPDATE!!!

http://portal.hud.gov/huddoc/12-10ml.pdf

 

In order to provide clarification of policies concerning Disputed Accounts and
Collection Accounts through future guidance, FHA is rescinding the new
guidance on the following topics in Mortgagee Letter (ML) 2012-3, which
was to become effective July 1, 2012:
Handling of Disputed Accounts, Public Records FHA Total User
Guide Chapter 2, and
Handbook 4155.1 4.C.2.e, Paying off Collections and Judgments.
All other guidance in ML 2012-3, which became effective April 1, 2012,
remains in effect.

 

Retired Lender
Message 1 of 54
53 REPLIES 53
GoodCredBen
Valued Contributor

Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

What does this mean? I am in the middle of buying a home...

 

My credit journey has completed. I am currently sitting at 800+ across the board.

I started my journey here years ago, and thanks to MyFico, it really is possible.
Message 2 of 54
courtney091082
Regular Contributor

Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

Ok so that means they're cancelling what was to become July 1st, meaning you won't have to have collections paid that are over $1k?

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)
Message 3 of 54
ShanetheMortgageMan
Super Contributor

Re: FHA..... Disputed Accounts & Collections. UPDATE!!!


@courtney091082 wrote:

Ok so that means they're cancelling what was to become July 1st, meaning you won't have to have collections paid that are over $1k?


Correct.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 54
courtney091082
Regular Contributor

Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

Awesome!! That should help lots out to get a mortgage sooner Heart

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)
Message 5 of 54
Megacab07
Established Member

Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

It looks like it also changes the handling of disputed accounts.  What effect does it have on that?

Message 6 of 54
DallasLoanGuy
Super Contributor

Re: FHA..... Disputed Accounts & Collections. UPDATE!!!


@courtney091082 wrote:

Ok so that means they're cancelling what was to become July 1st, meaning you won't have to have collections paid that are over $1k?


 

exactly.

 

 

also rolling back the proposed 'disputed accounts' rule.

 

Retired Lender
Message 7 of 54
scmami
Regular Contributor

Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

This is great news, in case USDA falls through for me! Thanks for sharing !
Current FICOs (Sept 2015) EQ: 666 TU: 663
Message 8 of 54
Anonymous
Not applicable

Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

This is great news! I've been keeping a close eye on this, thanks for sharing
Message 9 of 54
co791
Established Member

Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

Keep in mind that every lender has their own set of rules......FHA is only the insurer.  Depending on the lender you still may have to pay down those collections despite the change in FHA policy.

Message 10 of 54
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