Super Contributor
DallasLoanGuy
Posts: 6,104
Registered: ‎07-03-2007
FHA..... Disputed Accounts & Collections. UPDATE!!!

http://portal.hud.gov/huddoc/12-10ml.pdf

 

In order to provide clarification of policies concerning Disputed Accounts and
Collection Accounts through future guidance, FHA is rescinding the new
guidance on the following topics in Mortgagee Letter (ML) 2012-3, which
was to become effective July 1, 2012:
Handling of Disputed Accounts, Public Records FHA Total User
Guide Chapter 2, and
Handbook 4155.1 4.C.2.e, Paying off Collections and Judgments.
All other guidance in ML 2012-3, which became effective April 1, 2012,
remains in effect.

 




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Valued Contributor
GoodCredBen
Posts: 1,522
Registered: ‎10-25-2011
Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

What does this mean? I am in the middle of buying a home...

 

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Gardening Since: 6/1/2014
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Regular Contributor
courtney091082
Posts: 244
Registered: ‎07-06-2007
Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

Ok so that means they're cancelling what was to become July 1st, meaning you won't have to have collections paid that are over $1k?

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

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Super Contributor
ShanetheMortgageMan
Posts: 7,865
Registered: ‎09-28-2007
Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

courtney091082 wrote:

Ok so that means they're cancelling what was to become July 1st, meaning you won't have to have collections paid that are over $1k?


Correct.

Regular Contributor
courtney091082
Posts: 244
Registered: ‎07-06-2007
Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

Awesome!! That should help lots out to get a mortgage sooner :heart:

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)
Established Member
Megacab07
Posts: 21
Registered: ‎06-08-2012
Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

It looks like it also changes the handling of disputed accounts.  What effect does it have on that?

Super Contributor
DallasLoanGuy
Posts: 6,104
Registered: ‎07-03-2007
Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

courtney091082 wrote:

Ok so that means they're cancelling what was to become July 1st, meaning you won't have to have collections paid that are over $1k?


 

exactly.

 

 

also rolling back the proposed 'disputed accounts' rule.

 




* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012
Re: FHA..... Disputed Accounts & Collections. UPDATE!!!
This is great news, in case USDA falls through for me! Thanks for sharing !
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
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Contributor
Itsrx1
Posts: 141
Registered: ‎02-11-2012
Re: FHA..... Disputed Accounts & Collections. UPDATE!!!
This is great news! I've been keeping a close eye on this, thanks for sharing
Established Member
co791
Posts: 20
Registered: ‎05-24-2012
Re: FHA..... Disputed Accounts & Collections. UPDATE!!!

Keep in mind that every lender has their own set of rules......FHA is only the insurer.  Depending on the lender you still may have to pay down those collections despite the change in FHA policy.