Re: Big change for Fannie Mae June 1st, verificati
on of liabilitie s just prior to funding
04-07-2011 11:02 AM
Oh wow! I am really worried now. I recently had a construction loan approved and it closed March 14, for 188,000. Its an interest only one year loan. My middle score is 688 and I recently found out that a medical bill has been turned over to a collection agency and its for 5,000 and its 4 years old and its not reported as of yet but the ca said they were going to report. I am stressed. I have to start permanant financing about the time my drywall goes up and I have no idea how this is going to impact my score and what is going to happen. I am going to pay it off but the damage is already done. Can I recover in time before my balloon payment of 188,000 or am I going to lose it all? Help!