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I'm hoping some of you can give me advise that will help me breathe. We are getting an FHA 203k loan for a short sale that the seller's bank is requiring to close by 10/30. So far everything is on track for closing (which is a miracle as that is about 38 days all told). We were approved for our loan by the underwritter with typical conditions of updated paystubs, reserves, etc. Except they want us to pay off all collections and submit a credit supplement showing the collections as paid off. I can afford to pay them (if I can even figure out who to call, at least one is BOGUS and another has N/A as the creditor). I'm worried about the score drop only as it relates to my closing, Broker says it won't affect the closing. He says I need to get Paid in full letters from the creditors, he'll submit that to the reporitng companies to get the credit supplement, but that there won't be new scores. Is this man right?
At this point, I cannot get a new lender or we will miss the deadline and the bank may just foreclose on the house instead of short sale (they aren't known for making the most logical decisions).
Any advise on how I should approach these companies? The largest one is for $1300 from Asset Acceptance for a total Bally's Fitness Scam back when I was a moron and they were totally unethical and misleading. I'm hoping I can negotiate it, but will they give me a letter immediately?
Thanks, Jenny