I was told in this fourum that the mortgage will see all unpaid debt even if it falls of the report, they see everything, your best pick as I was advised is to pay them off if you want to get mortgage.
I've been poking around the forums for a while and I keep coming across stuff about how even though something falls of your CR doesn't mean a lender can't see it. I'm freaking out about this because the hubby and I really want to buy a house and we have busted out rear ends trying to pay stuff off and improve our scores. I know there is unpaid stuff that has fallen off our reports. We were huge fans of the ostrich method for quite a while. You know stick your head in the sand and ignore it till it goes away. I have no clue what could be lurking and now I'm paranoid that when we do go try to buy a house this stuff will come back to haunt us. What should I do?
I don't know how much of this is fact. I think if you are requesting a jumbo loan they can. I can't imagine someone really going back umpteen million years to dig into your past. The past 7 years is a very large snapshot of someones credibility. In fact, some lenders look past collections that are on your report if they are more than a few years old.
It is rare, only some lenders do it and its only on a loan of 150,000 or more. If thats a requirement you can always look for another lender that wont require it.