topic Re: Heights Finance is messing up my goals in Mortgage Loans

Heights Finance is messing up my goals

vollybal — Mon, 03 Nov 2008 18:56:42 GMT

Ok, so I am trying to get everything in line to get ready to apply for a mortgage and I had just paid off my CCs to less than 1% and with TU and EX the scores went from mid 500s to mid 600s. That is the good news. The bad news I disputed on EQ heights finance account as it was still showing an account balance and it was saying that it was still open when in fact that account was closed as paid off. After the dispute they corrected the balance and closed status but they then put that I was late 7 times from 12/07 to 9/08!!!! That is insane as the account was paid in full and closed in 2006. I went ahead and contacted the height finance people and they told me I had to dispute it as it was EQ that was transcribing the late incorrectly. I called EQ and asked for an escalated dispute as the mortgage stuff I wanted to get rolling.

Well it cam back today as verified correctly!!! I know this is wrong as I have looked on previous reports and the same pattern of lates were there but for 05 and 06. So it looks like they transcribed the lates in 05 and 06 to 07 and 08. Now I called EQ again and they are sounding like a broken record about getting a dispute started. I then called heights again and begged them to get this information corrected and they gave me the name and address of the person at their home office I would need to contact. Through the internet I was able to locate a number for this person but this person is not answering. I even verified this number with the home office and it is correct.

My EQ score is at 529 as opposed to the other two at 626 and 658. I have checked the other two reports and they are still reporting the correct data.

I am desperate for help as if this info is not changed back to the correct info, then owning a house and getting a mortgage is not going to happen.

Any help would be greatly appreocated!

Re: Heights Finance is messing up my goals

ShanetheMortgageMan — Mon, 03 Nov 2008 20:03:00 GMT

Since you still have a good mid score (626) it might not be killing you as much as you think. Underwriting looks at the information from all 3 reports, and having 7 lates from 12/07 until 9/08 doesn't help, but your mid score could get you through automated underwriting.

When are you looking to apply? If it's not right away then I'd contact Heights Finance again and ask for the manager of that invidual at the home you've been leaving messages for. If it is right away then ask the loan officer to submit your loan into automated underwriting to see if you get approved or not - if you don't then you know you'd need to tackle getting those lates removed and could reapply after they are gone.

Credit is just one part of qualifying. How is your income & monthly debt payments for the sales prices you are looking into? Do you have a down payment?

Re: Heights Finance is messing up my goals

vollybal — Mon, 03 Nov 2008 20:48:10 GMT

Shane,

thanks for the reply. I am looking to apply hopefully some time in december becuase I paid all my credit cards off in october and a couple of them have not reported yet, I believe a JCPenneys and Household bank mastercard. I also had a bankruptcy in 01 that will have all the derogs drop in november and December. Also not lates in last 24 months once I get that heights finance to correct their error. I will make close to 100k this year and have been in this job for almost 2 years, but have been in the same job type for over 10 years. I have two car payments totaling 1085/month and all the CCs are paid off. The house I am looking at is around 250k and I have around 12k in the bank in savings.

Thanxs Shane!

Re: Heights Finance is messing up my goals

ShanetheMortgageMan — Mon, 03 Nov 2008 22:49:04 GMT

It looks like you'll be able to qualify just fine otherwise - just the Heights Finance thing could throw a wrench. Since you the BK on credit it'll magnify negative items that happen after the BK too. Since you aren't planning on applying for a month I'd try a few more times to talk to a supervisor over there and see where that takes you. Let us know how things go.

Re: Heights Finance is messing up my goals

Anonymous — Tue, 04 Nov 2008 00:39:00 GMT

Since they agree with you on the phone that this is a mistake...get a letter from them...with the account history showing no lates...or a simple letter from the on company letterhead...saying the account was paid/closed/never late...and fax that to the CRAs...ASAP!!!

Re: Heights Finance is messing up my goals

vollybal — Tue, 04 Nov 2008 15:30:28 GMT

Hey Guys! I called again today early and the giuy picked up the phone! I talked to him for about 20 minutes as he was looking through my file. We went over the disputes that I filed and that he is baffled why the lates were put on there when the account was closed and paid off in 2006. He told me that he is going to send the corrected file to EQ and I should see the changes shortly. I asaked him when should i pull again to see the changes. He told me not to waste my money and wait 30 days to give the CRA the time to post. He also gave me his direct number which was a different number that I was given before to call him in case things do not change in 30days or if I had anymore questions. He was actually really nice and was a pleasure to talk to. Maybe the guy was out for the day or something yesterday I do not know but Hopefully this will clear up shortly and I can get back to being on track for a mortgage.

Thanxs Again guys!

Re: Heights Finance is messing up my goals

ShanetheMortgageMan — Tue, 04 Nov 2008 16:38:07 GMT

That conversation sounded like it went really well. I'd call him back later today or tomorrow and ask if he can fax you a letter stating the payment history was OK for those months, you always want to get something in writing if you can. Looks like things are on track, let us know when those lates get removed.

Re: Heights Finance is messing up my goals

vollybal — Wed, 05 Nov 2008 17:03:25 GMT

I just got off the phone with both Heights finance and Equifax and height is going to mail me the updated records. I called equifax to verify that they received the updated record. At first they were telling me that they have not recieved anything. Then they tried to tell me that there were no lates marked in 07 or 08. then after telling them that I have it here on paper from the dispute I put in that there were then did they see them...what a pain! anyways they said that heights updated the record as of today the 5th. Now I do not see a change in my fico score yet. is there a time frame that I can expect to wait until I see that number change, basically is there a time difference from when myfico and equifax update their scores with each other. I am very tempted to grab my scores again from all the CRA but I want to wait until I know for sure that all the CRAs are up dated with the correct info.

Thanxs!

Re: Heights Finance is messing up my goals

Anonymous — Wed, 05 Nov 2008 17:26:42 GMT

@vollybal wrote:
I just got off the phone with both Heights finance and Equifax and height is going to mail me the updated records. I called equifax to verify that they received the updated record. At first they were telling me that they have not recieved anything. Then they tried to tell me that there were no lates marked in 07 or 08. then after telling them that I have it here on paper from the dispute I put in that there were then did they see them...what a pain! anyways they said that heights updated the record as of today the 5th. Now I do not see a change in my fico score yet. is there a time frame that I can expect to wait until I see that number change, basically is there a time difference from when myfico and equifax update their scores with each other. I am very tempted to grab my scores again from all the CRA but I want to wait until I know for sure that all the CRAs are up dated with the correct info.

Thanxs!

Have you gotton your free credit reports this year. Everyone is entiled to one from each bureau once a year. If you haven't wait a week and go get them to see that the info listed has been updated. If yes then pull your fico's to see if the updates made any difference

Re: Heights Finance is messing up my goals

vollybal — Wed, 05 Nov 2008 18:57:42 GMT

I just saw that my score changed to +6...I really hope that that is not the full change as I see that the change reason was that it was a change in account status from under investigation to paid as aggred/account closed. I did not see anything about removal of lates though. I did notice that the end of the investigation was on the 3rd and maybe myfico is a few days behind equifax. I will see and hopefully I will see the jump in score that my other two CRAs gave me. So i might wait a few days to pull from the CRAs.

Thanxs!!!

Re: Heights Finance is messing up my goals

Anonymous — Wed, 05 Nov 2008 19:14:35 GMT

On the updated report...was the lates off???...if so...then that's all your going to get...scores are updated instantly...as soon as there is a change in the report...maybe you were rebucketed...

Re: Heights Finance is messing up my goals

vollybal — Wed, 05 Nov 2008 21:14:19 GMT

I really hope that the little increase was not all i am going to get back as the only thing that it showed changing was the end of the investigation I haven't pulled my report to check but I want to wait a couple of days to see if I will get more of a change. My other scores from the other CRAs are in the mid 600s now as opposed to this one that is just at 535 right now. Crossing my fingers.

Re: Heights Finance is messing up my goals

ShanetheMortgageMan — Thu, 06 Nov 2008 00:10:45 GMT

I'd give it a day or two.

Re: Heights Finance is messing up my goals

vollybal — Thu, 06 Nov 2008 18:20:29 GMT

Just received another scorewatch increase. This one was a bit more it went up 49 points! That is a good sign. I still haven't pulled my reports to see the true status of all the reports and scores but as it stands right now, EQ is at 584, and the other two are in the mid 600s.

Should I wait a little longer to see if it increases more or pull the CRA reports?

Also, with these scores I believe that I would be on good ground to start my pursue of a FHA mortgage. Hopefully, the score will go up a little more. But at least it looks like the heights finance issues seem to be resolving.

Re: Heights Finance is messing up my goals

vollybal — Sat, 08 Nov 2008 18:36:38 GMT

Ok, Wanted to give an update on the status of Heights finance and everything...I ran all the credit reports yesterday as I was really wanting to know what they looked like now. Well, The lates have been removed!!! YEAH!!!! Know I did not get everything back in the way of scoring as I am still at 584 for the EQ, but after pulling my other two scores they are both above the 620 mark with one of them in the 670s!!!! I decided to see what would happen with going to the mortgage person and having them run everything. I had to re-fax them bank statements and pay stubs as it was a bit over two months ago the last time they told me no. Well, the LO called back and was very impressed with the fact that I raised my mid score from 550 to 610 in that time frame!!

While I was faxing other stuff to her she called me and told me she ran my file through the automated underwriting and I was like oh no I would not think I would get approved through there, Well guess what. I GOT AN APPROVAL through the automated system!!! That was a really good feeling. Now she told me that now it has to go through there underwriters and I should know something by Wednesday.....I am going to be biting my nails until then.

Does anyone know how hard this process from here with the underwriters might be. The mortgage company I am working with is Universal American Mortgage Company (UAMC). IF anyone has dealt with them before can you let me know how their underwriters are?

I have to fax my student loan statuses to them as they are still deferred until 2011 so that will not be a problem. I am hoping they come back with an approval and a good rate. The 610 mid score does not reflect the fact that I still have a util on CC of 22% that the company needs to update the CRAs as I have paid the CC off in the beginning of October. And the CC company told me that in the mean time the LO can get a rapid rescore if need be.

ANy thoughts on my situation and how it might go would be greatly appreciated!!

Thanks!

Re: Heights Finance is messing up my goals

DallasLoanGuy — Sat, 08 Nov 2008 23:11:01 GMT

Depending on the company.... They should follow the Automated findings.

We do.

Some 'enhance' the findings.... this would be a good question for your loan officer.

Bottom line: If you have a good loan officer, your approval is solid.... Go buy a key ring.

If your loan officer is a dufus... then they may be able to muddle thru it!!

Re: Heights Finance is messing up my goals

vollybal — Sun, 09 Nov 2008 04:01:03 GMT

Dallas,

Thanks for the info. The LO actually wanted me to wait a couple of months ago becuase she did not think that the underwriters would not do it. She gave me some hint on what I could do to help improve my credit and it fell along the same lines as I received on this forum. So I am leaning towards the LO being good, I Guess I will find out this week.

I will keep you all imformed.

Thanxs!