topic Re: Will this kill the deal? in Mortgage Loans

Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 03:18:37 GMT

I just checked DH's CreditCheckTotal and EX has changed how our auto loan is reporting!! EX now has the auto loan as being charged off!! While I was terrified that this would tank DH's score, it seems to have gone UP by 3 points (what the HECK?!).

It now says this: "Unknown, collection, under review" for the account type, "Now paying, was Charge Off" for the status, and "1 month" for the terms. EQ and TU are still being reported correctly. This is NOT a charge-off. The only thing I can think of is that over the years, we've elected to take them up on their offer to "skip-a-payment" -- after being assured that the only result long-term would be to extend the life of the loan. No one EVER said a freaking thing about it being reported as a CO if the loan wasn't paid in full at the end of the 60 month term.

Is this going to kill us? I have no way of knowing if they've already re-pulled our credit -- or if they WILL re-pull our credit in the next few days. OR if EQ & TU are going to follow-suit in this reporting.

And I don't know if we can have this updated with the CRAs before we close. Are we dead in the water????? OMGosh, I think I'm having a panic/heart attack! Obviously, I'm calling the auto loan lender in the AM to ask what the monkey-fudge is going on -- but until then ... please, any advice is MUCH appreciated!!

Please advise!! Thank SO much in advance!

Re: Will this kill the deal?

DallasLoanGuy — Wed, 14 Jan 2009 04:32:21 GMT

No way to know. Are you sure they will pull a final credit report?

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 06:26:56 GMT

i don't know if they will pull or not, but if you want to keep track of if they do, go and sign up for the 30day free score watch trial.

that thing told me exactly when they pulled my credit for the last time..and it keeps track of your score to see if it goes up or down.

WELL worth the 30day trial and the 10 bucks or so a month to keep the tracker...

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 13:09:09 GMT

Hey Wonderin, I don't have any answers for you but wanted to let you know I'm praying for you guys!!!

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 13:54:33 GMT

@DallasLoanGuy wrote:
No way to know. Are you sure they will pull a final credit report?

I don't know. I really don't.

Our LO hasn't spoken to us directly since the end of December -- all we talk to now is the Loan Processor. Should I warn her?

On the one hand, it's a MISTAKE. So, I'm confident it can be fixed. It's NOT a CO. So, that, in and of itself, I'm not worried about.

However, I don't know how long it would take to update to the CRAs -- or if it will hit TU & EQ as such. And I don't know what the process would be to "fix" it to CW's satisfaction. Would providing a letter from our CU explaining that it's NOT a CO be sufficient? Or would we have to rapid re-score?

I'm calling them first thing this morning. Once I stop crying and freaking out, that is.

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 13:55:51 GMT

@Anonymous wrote:
i don't know if they will pull or not, but if you want to keep track of if they do, go and sign up for the 30day free score watch trial.

that thing told me exactly when they pulled my credit for the last time..and it keeps track of your score to see if it goes up or down.

WELL worth the 30day trial and the 10 bucks or so a month to keep the tracker...

We already have that (we began using those kind of services when we started fixing DH's credit -- once we close, I'll be fixing MINE). I'll have to check and see who's harded us recently.

Please, please, please cross your fingers for us!!!

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 13:58:12 GMT

@Anonymous wrote:
Hey Wonderin, I don't have any answers for you but wanted to let you know I'm praying for you guys!!!

Thanks, Darlin' ... while I really feel that we need all the prayers we can get, at the same time I feel guilty wanting them. So many other people have bigger problems than what we're facing, you know?

I think I'll call the car loan people and just sit tight believing that whatever happens will be the Lord's Will (sorry to those who are offended). I just need to keep Him in mind!!

That being said, I'll still take all the prayers you choose to send our way!!! And just know that YOU'RE in ours!!!

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 14:36:05 GMT

I just checked CreditCheckTotal's inquiries section and they have NOT pulled our CRs again!

Re: Will this kill the deal?

LisaJ — Wed, 14 Jan 2009 15:03:49 GMT

Wonderin, I have been following your story for a long time now and I have everything crossed for you and prayers are being said.

You are so close--I have faith that all will be ok--but I remember how terrified I was when I was in your shoes! Good Luck!

Lisa

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 15:15:09 GMT

@LisaJ wrote:
Wonderin, I have been following your story for a long time now and I have everything crossed for you and prayers are being said.

You are so close--I have faith that all will be ok--but I remember how terrified I was when I was in your shoes! Good Luck!

Lisa

Thanks, LisaJ!

I just called the CU and asked about the account. She said that they do NOT have our loan listed in their system as a CO. She's referred me to the Collections department, thinking that they might have an idea of what to do and how quickly it can be done. No one answered (I think it's a tad bit early) and I left a message.

I just can't believe that we've gotten SO close and then this has to happen.

What do ya'll think? Should I warn the Loan Processor who's handling our mortgage loan and let her know? Or would that just be a red flag that sends EVERYTHING to heck in a handbasket??

Really, though, I just want to thank you all -- you all have been so generous and kind -- and supportive!! I really hope that the Good Lord Blesses you all to absolute distraction! I love you all!!

*Huge, big ol' hugs!!*

Re: Will this kill the deal?

DallasLoanGuy — Wed, 14 Jan 2009 15:30:51 GMT

@Anonymous wrote:

Our LO hasn't spoken to us directly since the end of December -- all we talk to now is the Loan Processor. Should I warn her?

----------------------------------------------------------------------------------------------------------

you should definately ask.

thy may not re-pull.

some do, some dont

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 16:08:19 GMT

JUST spoke to my friend at the CU and she had me send her a copy of the CR showing the error.

I asked if I could just go in and ask at my local branch, and she said "No, the department that would deal with that isn't local to you." But she did say that she can handle it (still crossing fingers, though) if it's in error (which is what the lending department at the CU told me).

She is such a sweet person. One of the kindest (despite the stereotype -- since she works in collections) people I've ever talked to. She seems to be putting off everything else to help us with this!!

If all this gets taken care of and the loan goes through smoothly ('cause if it doesn't, where I'll be, I don't think they have internet access -- getting cables through padded walls ain't easy, I guess), the question remains:

Should I get her a fruit basket or a bouquet of roses?!

(Please, though, don't stop crossing your fingers for us!)

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 16:11:54 GMT

@DallasLoanGuy wrote:
@Anonymous wrote:

Our LO hasn't spoken to us directly since the end of December -- all we talk to now is the Loan Processor. Should I warn her?

----------------------------------------------------------------------------------------------------------

you should definately ask.
thy may not re-pull.
some do, some dont

Thanks, Dallas! Once I'm done on the phone with my friend at the CU, I'll call our Loan Processor. Before I call her, I'd like to be able to give her some sort of status on the situation.

Like I said in the post before this one, my friend at the CU is looking into it and seems to be giving high priority (she's one of the sweetest people you'd ever hope to meet!). So, my fingers are still crossed since this ain't over yet.

Would you know if they (CW) checked DH's CRs and saw this, what we could do to "fix" it? A letter from our CU stating that it was a mistake perhaps? Or perhaps a rapid re-score?

The funny thing about all of this is that this was the ONLY thing that changed on DH's CRs and it caused (somehow) his score to go UP by 3 points. Isn't that uber weird????

Re: Will this kill the deal? UPDATE: THANK YOU!!!!!!! :)

Anonymous — Wed, 14 Jan 2009 16:46:41 GMT

OMGosh!!! I dunno, but I think ya'll's prayers and good thoughts have WORKED!!

JUST spoke to our Loan Processor (she is SUCH an angel!) and delivered the spiel/explanation to her about the misreporting (my friend at the CU still hasn't gotten back to me yet).

Our LP interrupted me and said "Sweetheart, it's fine. You're already in Final Underwriting and we're not going to pull your credit again at all." She then went on to promise that we can close on Monday!! OMGosh, if I could've I would've given her the biggest smooch and hug right then and there!!

I was so totally pooping a 2 ton brick, there. Even if the CU updated the CRAs to correct the mistake today (they also offered to send a letter to CW stating that it's an error), it would have taken at least 5 days to get everything straightened out. Yikes!!

But really, I just want to thank you guys ... you have been so patient with me, so patient with my stupid questions and paranoia. Have just been such kind, wonderful people. God Bless every single one of you. Seriously. I don't mean that lightly.

I really hope that the Good Lord Blesses you guys. I really do. If ya'll were able to put up with me and my dumbo questions for so long and so patiently, you deserve Blessings in SPADES!!

Re: Will this kill the deal?

DallasLoanGuy — Wed, 14 Jan 2009 16:48:53 GMT

liquor

Re: Will this kill the deal?

Anonymous — Wed, 14 Jan 2009 16:55:40 GMT

@DallasLoanGuy wrote:
liquor

What kind and how much?!

Seriously, Dallas ... without you, especially, this dream wouldn't have come true!!
*smooch*

Re: Will this kill the deal?

WannaHouse — Wed, 14 Jan 2009 18:47:27 GMT

As far as what to send?

I would send the LO and your friend a small floral bouquet, or plant for their desk, and a bottle of good whiskey for Dallas. LOL

I'll be praying for you all! Hope the rest of this time goes smoothly until you have your keys!!

Message Edited by WannaHouse on 01-14-2009 10:47 AM

Re: Will this kill the deal?

LisaJ — Wed, 14 Jan 2009 18:47:12 GMT

I can't wait to see your "I closed" message next week!!!!!!

Great big woohoos and hugs to you!

Re: Will this kill the deal?

Anonymous — Thu, 15 Jan 2009 06:07:57 GMT

sorry i didn't get back to send you good vibes, but i'm glad it is all going to work out!!