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

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
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
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
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.

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

Message 4 of 54
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
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
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
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
Contributor

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
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