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Super Contributor
Posts: 7,915
Registered: ‎07-03-2007
0

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.

 

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Valued Contributor
Posts: 1,544
Registered: ‎10-25-2011
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Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

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

 

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Regular Contributor
Posts: 245
Registered: ‎07-06-2007
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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!!!!

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Super Contributor
Posts: 8,706
Registered: ‎09-28-2007
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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.

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Regular Contributor
Posts: 245
Registered: ‎07-06-2007
0

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!!!!

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Established Member
Posts: 21
Registered: ‎06-08-2012
0

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

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

Super Contributor
Posts: 7,915
Registered: ‎07-03-2007
0

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.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

* The Loan Officer who you can call anytime... and answers your questions Nights & Weekends

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Regular Contributor
Posts: 217
Registered: ‎01-05-2012
0

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
Contributor
Posts: 141
Registered: ‎02-11-2012
0

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

This is great news! I've been keeping a close eye on this, thanks for sharing
Established Member
Posts: 20
Registered: ‎05-24-2012
0

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.

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