Reply
Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
0

Re: Just Started and Already Issues

[ Edited ]

In general, If the lender was anything better than terrible, they wouldn't be willing to work for the pittance that the builder is willing to pay.

 

The builder normally is willing to pay their costs because they work cheap. You are getting what you are paying for. You have the choice to get better but it will cost a bunch more. If it helps you feel better, even the next step up in lender quality will be pretty poor. Very hard to find a really good lender.

Frequent Contributor
Posts: 311
Registered: ‎07-18-2011
0

Re: Just Started and Already Issues

I hate to be the bearer of bad news, but unless the letter specifically states that they have agreed to deleting the account then it won't come off of your reports.  The collection agency is the one that has to contact the CRA to delete the account.  Merely by you faxing the CRA the letter won't have the debt removed, just updated to reflect a zero balance.  AND, the collection agency can even indicate on your report that it was "SETTLED FOR A LESSER AMOUNT".  It seems to me, although I could be incorrect, that the only thing this did was settle the account, not remove it.  If that was your intention all along then I suppose you succeeded, but if you were trying to get a PFD, it doesn't seem like you got it.  Again, I could be wrong.

Member
Posts: 20
Registered: ‎10-23-2012
0

Re: Just Started and Already Issues

I spoke with my LO and she told me that setting was the perfect thing to do. We didn't have to have it deleted but it did need to be paid. We received a our letter and I sent it to the LO and she will work with the credit agencies to have the info updated. So everything seems to be ok.
Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
0

Re: Just Started and Already Issues


southerngyrl83 wrote:
I spoke with my LO and she told me that setting was the perfect thing to do. We didn't have to have it deleted but it did need to be paid. We received a our letter and I sent it to the LO and she will work with the credit agencies to have the info updated. So everything seems to be ok.

If the have already prescreened you (pre-qual.pre-approval) the just want to see a 0 in the past due or outstading. Settling isn't the best option when going to a new lender but there more concerned that you dont have any outstanding balances. Mine didnt even bat and eye or mention my one settled account and when I did ask the lender about it he told me the above statement. 

 

Hope this helps but always remember YMMV so you never know 

ccpics2.jpg
Member
Posts: 20
Registered: ‎10-23-2012
0

Re: Just Started and Already Issues

We have signed our loan application and the requested paperwork has been submitted. My husband and I are on pins and needles waiting to hear if they will require additional paperwork.

Member
Posts: 20
Registered: ‎10-23-2012
0

Closing Process

My LP told me that my loan would go for underwriting on Tuesday morning and she would call us if additional paperwork was required,  So far I haven't heard anything from her. We are doing a new construction and they have our closing date as 12/14. We are keeping our fingers crossed!!!

Regular Contributor
Posts: 155
Registered: ‎08-25-2010
0

Re: Closing Process

I'm a Loan Officer and all lenders now a days follow guidelines set by Fannie Mae...Mostly the collection account itself is ok. It's the dispute comment that Fannie Mae doesn't like. Either the creditor or you can have that comment placed. What some collection agencies are doing is placing the dispute comments on your file and refusing to remove them until paid. Not sure if that is legal but its what they are doing to force some to pay. You can actually get these comments removed by contacting the CRA's directly but sometimes and often they will not help. Go straight to the original creditor and they often can request it be removed.

Highlighted
Regular Contributor
Posts: 133
Registered: ‎03-29-2009
0

Re: Closing Process

I have written a letter to the CRA stating that I do not dispute the said account and wish to have the dispute comments removed.  I was told that if you were going to apply for a mortgage you cannot have any dispute comments on your report.  If you need a sample letter and an example of what I sent to the CRA just PM me and I will send it your way.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.