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

Member

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

I asked my loan officer if the repossessions would make a difference and she said no. Not unless they brought down my scores. I hope she is right. I'm doing a rapid rescoring on a cc for $107 and hope it will bring my scores close to 640. 

Message 21 of 54
Highlighted
Regular Contributor

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

Many times you can have your cc do a reporting without paying someone else.  Have you tried to call them first?

March 2011 FICO® ~ 595 TU, 605 EQ, 525 EX
Aug 2012 Lender pulls: 702 TU, 667 EQ, 660 EX
Message 22 of 54
New Visitor

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

What exactly is a rapid rescoring in regards to your credit score?

 

Message 23 of 54
Established Contributor

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

I have a debt of $253.00 that is due to fall off next month, so I need to pay this?
CS 728- 01/13 from 554-12/11
Goal: 800
Message 24 of 54
Established Contributor

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

If the accounts ate under 1k and in dispute what effect will that have??
CS 728- 01/13 from 554-12/11
Goal: 800
Message 25 of 54
New Member

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

I've been hoping to purchase a home next spring and wanted to go FHA because of the smaller down payments, but I'm not sure if I'm eligible for any kind mortgage. I went through some bad times and ended up in foreclosure in 2008. I have been renting ever since, but I need to get into my own house instead of paying my landlord $900/month. I have been current on my rent, 3 Credit cards & car payment for the last 3 years. I've managed to building my credit back one trade line at a time,but I still have a few problems... two 6 yr old Charge-offs. SOL is up on both up them next month,but they won't fall off my CR for another year Is it possible for me to get a mortgage without paying them off? One of them I have been disputing, but if i have to pay them both off before a underwriter will approve me, I will have nothing for a down payment. Not sure what to do, and the internet is only confusing me more & more every day. Any words of wisdom would be greatly appreciated. TU750/EX700/EQ733
Message 26 of 54
Moderator Emeritus

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


Karbear11 wrote:
I've been hoping to purchase a home next spring and wanted to go FHA because of the smaller down payments, but I'm not sure if I'm eligible for any kind mortgage. I went through some bad times and ended up in foreclosure in 2008. I have been renting ever since, but I need to get into my own house instead of paying my landlord $900/month. I have been current on my rent, 3 Credit cards & car payment for the last 3 years. I've managed to building my credit back one trade line at a time,but I still have a few problems... two 6 yr old Charge-offs. SOL is up on both up them next month,but they won't fall off my CR for another year Is it possible for me to get a mortgage without paying them off? One of them I have been disputing, but if i have to pay them both off before a underwriter will approve me, I will have nothing for a down payment. Not sure what to do, and the internet is only confusing me more & more every day. Any words of wisdom would be greatly appreciated. TU750/EX700/EQ733

Welcome!

 

Bumping for others, but I think you might be OK, credit-wise anyway. I think it's left up to the discretion of the lender to require/not require a payoff from baddies. I'd be prepared to pay it though. If these are CC COs, you actually could see a gain in points just by paid it off, assuming it had a negative impact on utilization.

 

Avoid disputing, especially leading up to a mortgage app.

 

I'd suggest pulling your two FICO scores to see where you are at, score-wise. The 3 scores you posts may not FICOs. Experian blocked consumer access to your own EX FICO years ago. 

 

Opt-out of all 3 CRAs.

Message 27 of 54
Established Member

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

FHA requires no charge offs above $1000.00.   Every bank has its own standard...Because FHA says 1000 doesnt mean a bank wont say " we wont accept charge offs with 300 or less.....Best bet is to settle them or pay them completely.  I settled all of mine.  Started in May, closed in september...Charge offs and 2nd Mortgage settled.

Message 28 of 54
Member

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

Is it possible to get a mortgage with 2 repossessions rolled into the loan? One car repo is 8000 and the other 12000? If not what amount should I settle for with the car repos. They are both over 4 years ago. I have had 2 car loans in my name since and have never been late.

Message 29 of 54
Moderator Emeritus

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


cch1997 wrote:

Is it possible to get a mortgage with 2 repossessions rolled into the loan? One car repo is 8000 and the other 12000? If not what amount should I settle for with the car repos. They are both over 4 years ago. I have had 2 car loans in my name since and have never been late.


You'll have to pay them before the loan. If you have some time to negotiate, offer whatever you feel is best for you. Try via a PFD first.

Message 30 of 54