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Frequent Contributor
phumanr
Posts: 346
Registered: ‎05-29-2007
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Re: We closed WITH Charge offs! It can be done!

Hello All,

Quick update. My closing is set for 12/21. My new home inspection is set for 12/18. The appraisal has come back satisfactory as of 12/6. The file is almost complete with the processor and is moving to underwriting...I am a nervous wreck! The LO said the file looks good and no issues have come back so far with the processor.

 

I will keep everyone posted.

 

Phumanr

Regular Contributor
violetsmom
Posts: 146
Registered: ‎12-04-2012
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Re: We closed WITH Charge offs! It can be done!

Congratulations!  And you have given me some hope :smileyhappy:  What type of loan did you get?  We may be out of luck because I think we have to go conventional, but we recently discovered that my husband's report has late student loan payments we were not aware of.  He scheduled a payment in Feb that somehow did not go through and we never knew, kept on paying but we were 2 months in arrears and now slammed with late reports they will not remove.  We are under contract for new construction as well and also using the preferred lender (not the same as yours...).  We have decent credit, my fico score is probably 710 or so, my husband's was there before this happened and is now looking at a 650 or so.  LO should tell me tomorrow if we can get his score high enough by paying down credit cards to get PMI but I am not holding my breath.  Unless you tell me you got a conventional loan with those scores and credit history :smileyhappy:

Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012
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Re: We closed WITH Charge offs! It can be done!

Good luck phumanr! @violetsmom...FHA. I hope this fies work out for you! Are you positive the student loan company will not remove the lates? I had luck with my hubby's SLs. We got 120 day lates from last summer removed due to a misunderstanding with our forbearance and excellent, never late 5 year pay history. I know some servicers are tough though.
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Regular Contributor
violetsmom
Posts: 146
Registered: ‎12-04-2012
0

Re: We closed WITH Charge offs! It can be done!

Thanks for the goo vibes, the LO should be getting back to me today to let me know if we can salvage this by possibly paying down his credit cards. I've spoken to several supervisors at ACS, they all say too bad, so sad. Although now I have a better idea what happened I want to try again and explain how we just had no clue we were late at all. We will see. So sick to my stomach over this :smileysad:
Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
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Re: We closed WITH Charge offs! It can be done!

Has your LO spoken with the underwriters. I wouldn't want to pay off anything unless I got word back from the underwriters that they would be ok with this.

Regular Contributor
violetsmom
Posts: 146
Registered: ‎12-04-2012
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Re: We closed WITH Charge offs! It can be done!

I honestly have no idea.  When this all blew up on us a week ago and we told her the student loan company was unwilling to remove the late reports from the history she still somehow fought for the builder to extend our contingency until this Friday.  She asked us to provide statement saying the account was now current and said from there she would see if we could pay down cards to bring the score up.  I don't know why she would tell us there is still a chance and put that extra time on the contract if she didn't think anything could be done.  But who knows.  She also is extremely difficult to get a hold of.  I am going to call stupid ACS again.  This sucks :smileysad:

Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

Re: We closed WITH Charge offs! It can be done!

Loan Officers like to throw things on the wall and hope it sticks.

 

No point in using your cash to raise your score if the underwriter wont get passed the recent late mark. I would apply some pressure on your loan officer and have them reach out to the underwriters.

 

And even if you pay down the cards, you will have to do a rapid rescore and best case you are looking at a 3 day turn around. And those things cost money too, like 30 bucks per tradeline per report. It adds up fast, I did one and it was like 600 dollars out the door.

Regular Contributor
violetsmom
Posts: 146
Registered: ‎12-04-2012
0

Re: We closed WITH Charge offs! It can be done!

We won't pay anything unless we are told to.  I just called and spoke with whoever she refers people for immediate assistance and kind of freaked out on her asking her if I am just wasting my time and energy hoping this will go through with these lates on there.  She did not tell me no, or anything really other than she feels bad for me.  Ah, thanks.  She is going to have the LO call me asap because I am so emotionally drained over this and spending my days at work calling effing ACS and they will do nothing for me.  Even though we paid them throughout the rest of the year they do not care even though the guy straight up admitted he thinks it is not fair because it is obvious we did not know the payments were late.  He says they don't even have a way to remove the lates.  BS.  Ugh this SUCKS

Frequent Contributor
phumanr
Posts: 346
Registered: ‎05-29-2007
0

Re: We closed WITH Charge offs! It can be done!

Hi Violetsmom...

 

I am going FHA..that may be your best option, because you have the score requirement...+640. My only concern would be the recent lates..I don't think you can have lates within 12 months for FHA, but it may vary according to your situation...not sure. Best of luck to you..hope all will work out.


Thanks,

Phumanr

Regular Contributor
violetsmom
Posts: 146
Registered: ‎12-04-2012
0

Re: We closed WITH Charge offs! It can be done!

We already have an FHA loan :smileysad: 


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