Do U/W generally verbally verify information?

[Anonymous]

Hi I am new here, and currently have a loan in U/W.  My husband has a judgment on his credit report that is not his.  We have verified this with the creditor and the county courthouse.  He has also contacted Equifax and they have veribally verified over the phone that they are going to delete this from his credit report...next month!!!!  We are trying to close by the end of the month, and without something in writting I was wondering is it common or not for an U/W call to veribally verify information.  At this point, this is the ONLY item I can see hindering us from getting our loan closed.  We have exhausted all options of getting something in writing from the creditor, courthouse & Equifax.  The creditor & courthouse never reported this so they don't have any letter they can give me showing that its not his account.  And Equifax will only send a new credit report once removed...but next month is way too late to get this information.

[WannaHouse]

Unpaid judgments will stop the deal. You need to figure out how to prove it is not his.

[Anonymous]

Thats the problem, unless they are willing to call at this point I don't know of any other way to prove it.  Neither the court or creditor will give us something to say its not his.  They both said, if they incorrectly reported it they have no problem getting it corrected, but since the credit bureau cooked this up on their own, thats who we need to clear it up with.  Both the creditor & court said they will verbially verify this over the phone, and even equifax said they will do the same in the meantime until his report updates. I am trying not to panic, and my loan officer is requesting the U/W'er call the verbially verify, but I was just wondering is it even possible they would do that and accept it enough to approve the loan.  We had judgments, and we paid ALL of them, so we definately weren't trying to run from paying it.  Had we not been trying to pay it we would have never figured out it wasn't his.  Oh well, I guess all we can do is pray about it at this point that we will have an U/W'er who will take all this into consideration and make a call. 

It's funny people will say how stressful this process is, but you really don't know until you are knee deep in it.  I am just praying that we will make it to the other side and will be able to look back and laugh.

[Anonymous]

They will want written verification that the debt is paid or not yours.  A phone call to verify a legal issue will not normally do.  It owuld be too easy to find a way to fake a verbal but a court doc or official letter from the credit agency is alot harder to fake.  And the truth is that if you got around it and the debt was legit, one garnishment and the lenders total balance could be at risk.  So, something on record that could wind up a garnishment on your credit will have to be taken care of.  There may be an occaisional way around with a spotless file, high Fico, and string reserves/down payment.....But it is not a likely option.

[DallasLoanGuy]

loan officer may be able to get the credit report company they use to update the account.

[Anonymous]

What confuses me about this whole process, is how did we make it through automated underwriting with this on our credit?  And if this would be such a big factor, why would a loan officer encourage us to go forth with this.  UUUGGGHHHH...thanks for the responses.  What makes this so frustrating is not only our loan is on the fence for this, but the seller as well who is trying to purchase a new home.  I am going to send my husband back to the courthouse to see if they will write something that says what they do have on file for him...maybe they will be okay using that language instead of discussing the incorrect information.  A part of me wishes it was his so we could have paid it and moved on, I know crazy right!!!  I am going to ask our loan officer if they can have it updated faster, thanks for that suggestion.

[DallasLoanGuy]

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@Anonymous wrote:

!  I am going to ask our loan officer if they can have it updated faster, thanks for that suggestion.

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they can.... the company who they get their credit report from can verify the account status

 

[Anonymous]

Well...talked to the LO who said that he didn't have a resource to have the information validated and updated rapidly...okay...

I had my husband call Equifax again and was told that even though they show it will be removed in 30 days from when we submitted the dispute, that if we had a court document they could remove it in 5-7 days.  Well, obviously we don't have that.  I am going to send the husband back to the court house and plead for something in writing.  

We are doing our best to stay positive, our scores are high enough, job stability, low DTI,  we have the income, and a large amount of avaiable cash for down payment. My husband made it through automated U/W alone and qualified and as a couple we had no problems as well.  I am praying we have a strong enough file and a compasionate underwriter to take a moment to go the extra step and make a phone call.

I will let everyone know the outcome!!!!