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Help! I'm desperate!

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Jefmol
New Member

Help! I'm desperate!

My husband and I were pre approved for a mortgage before we went house shopping. We put a contract on a house with a close date of Sept 16. Sale price is 586k we have 45k down and an income of 250k. I have an incorrect item on my credit report I have been disputing to try to get off. A former student loan company reported the same loan 3 times...and reported latex payments last summer (they didn't even have the loan then, and I have proof of payment with Sallie Mae who actually owns the loan. All the sudden, the bank says they can't do the loan A) because of the dispute and B) because of the reported late payments. They admit they can tell the information is wrong but can't do anything. We didn't think it would be an issue because we were pre approved. We had pre approval over 600k. Is there any banks out there that could help? Ive sent letters to stop the disputes but Ive been trying since November to get the student loan company to correct my credit report. They haven't validated the debt (obviously) or removed it. Just no response. I have 8 months worth of validation requests, escalations and challenges. Please? Any advice is appreciated.
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ShanetheMortgageMan
Super Contributor

Re: Help! I'm desperate!

I think you should communicate with the former student loan letter via phone, rather than mailing letters to them because that appears it hasn't been working.  It'd be a pretty simple conversation, you'd ask when they sold your loans, and after they confirm when they were sold you'd ask them why they are reporting late payments on your student loan after they sold it.  Depending on how severe the late payments were, when they were, and how many late payments, it could potentially be a problem.

 

As far as getting the disputes removed you also need to contact the credit bureaus via phone, rather than mail letters.  You should get your credit reports from each credit bureau at https://www.annualcreditreport.com/cra/index.jsp - each will list the report number which will allow you to call in and speak with a live person.  Then when you get them on the phone you should follow the advice I give at http://ficoforums.myfico.com/t5/Mortgage-Loans/Best-Way-to-Remove-quot-Account-In-Dispute-quot-for-M... and the dispute remarks should be removed either during the phone call or within a few days.  It's worked for everyone of my clients so far, so unless there are multiple disputes on the same trade line then it should work for you too.

 

I am not aware of any banks who are permitting less than 10% down on non-conforming jumbo loan amounts, which on a 1-unit property would be anything over $417k in the state of Wisconsin... so if you don't have 10% down it sounds like the lender you are working with could be your only option.

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