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Hello,
So my wife and I are in the process of purchasing a home, we did get preapproved for the max amount on FHA. But I am really wanting to go conventional. We have 10% to put down on the home budget we are set on and are prepared to pay PMI (at least this falls off on conventional, but never on FHA), but during the qualification process our lender on the "automated underwriting system" discovered an i9 report, which was reported as a foreclosure on a home I let go in Feb 2008.
I had an 80/20 loan, the 2 main mortgage companies I had didnt report it, but a company who purchased the 2nd mortgage debt listed the i9 on June 2010. The foreclosure was in Feb 2008. I filed bankrupcty January 2010 and was discharge was June 2010.... This is why this company listed this i9 the same month as the discharge date, but the BK should have protected me from this inaccurate report anyways.
Is there anything I can do since this is reported incorrectly? I dont know who to write to since I didnt see this on any of my 3 credit reports, only on this system I guess lenders can use... My mid score is 696, so no issues going conventional, not sure if other lenders can look past this, this is the only neg on my report other than the BK.
Thanks!
You need to demand that the derog reporting CRA be disclosed to you by your mortgage lender, its your right to confront any CRA that has derogs on file, if they wont give it to you find another lender. Good luck in getting the loan that you are after
Its odd how I dont see this FC listing on any of my credit reports. It only came up on the i9 report according to my lender. The date is incorrect. So I found a reputable credit repair company who sent the letters to dispute this on my credit... I dont see it listed on any of my reports and the FC happened in 2008. So since its incorrect I hope it gets removed. How else would I have known about this if it was not for the lenders pulling my credit?
Thanks for your help!