Emergency!!! 2 Weeks from closing and mortgage in jeapordy.

[Shogun]

     Have been through home buying hell.  Had a horrible time with realtors, losing houses etc.   Had brought everything to the bank for our Mortgage on June1, and went through preapproval without problems.  Finally found a house and they accepted our offer, we are scheduled to close on 08/12.  During this time my scores have improved around 40 points across the board to over 700 on an FHA loan.

     I work out of town, wife calls today and says loan fell through due to disputes on CR.  They are on closed paid off accounts.  LO said she was sending us to another bank in town and maybe we could do something with them.   No warning, no chance to change or work on anything.  Just dropped it.  What do I do?

[incognitony]

If you have already got the appraisals and docs together you should be able to close faster with a new lender.  There is a clause in ourcurrent contract that allows to extend the closing date as long as financing is coming along but not approved so that may be in yours as well. I would contact your realtor to make sure. You could possibly try an online lender that you can email everything to or try that other bank (or anyone at this point) but I would do so ASAP.

[Booner72]

Also get those disputes off the reports - I would be calling them first thing in the morning.  There are phone numbers around here - I have a good one for EQ if you need it.  It's at work tho so PM me if you need it and I will have it to you at 7:00AM tomorrow.

[fot1]

http://ficoforums.myfico.com/t5/Mortgage-Loans/Best-Way-to-Remove-quot-Account-In-Dispute-quot-for-M...

Shane gives some numbers for each CRA to remove disputes.

[Shogun]

Alright, this is what I got so far.  

EX-  3 disputes in comment section.  Will be removed within 24 hours

TU- 1 dispute, can't stop the dispute, will be off 08/04

EQ- 3 disputes, can't stop the dispute, will be off on 08/06

Supposed to close on 08/12,  does this seem possible?

[Booner72]

Hopefully Shane or Dallas or another mortgage person will come along, but from my experience working with my LO, as long as you have a LO who has the file totally ready to go - everything in place, as soon as the disputes are removed, the LO can repull your credit and get it sent to underwriting.  I know that you have to have the appraisal if you are going FHA --- Is all of that ready?

You should also ask about "table funding" which means the day of closing, they transfer the funds.  That is an important factor for me - once I close I don't want any hangups.  I want it to ge OVER.

Have you found a new lender?

[Anonymous]

TU is a pain to get dispute remarks off. You are better off calling the company of the account with the dispute and ask them to request it be removed. Otherwise TU takes FOREVER.

As far as EQ, have you asked for the Special Handling Dept? I have found that they were very helpful there and they were able to remove it without a problem. If noone answers or if you get a voicemail keep trying.

I had a somewhat similar problem as you. I originally went with Chase for my mortgage because we bank with them. They dragged their feet for months before telling us they couldn't push our file through because of dispute remarks. By then all of the remarks were off but they refused to run a new report. This after inspections, appraisal, etc. The loan processor suggested we even try to find a cheaper house so they can push us through under manual guidelines, because its just that simple right?

I moved on to Quicken Loans because we had a preapproval with them (we had three preapprovals in all by the time we started looking). Within a week they approved the appraisal, sent our file to underwriting and issued us a commitment that I sent to our real estate agent who in turn sent it to the sellers just to keep them happy. After that we asked for one extension and because they had the commitment they were willing to give it.

I know its hard but try not to give up!

[DallasLoanGuy]

a  'competent' lender would get the disputes removed in a matter of days thru rapid rescore.

time to educate your loan officer.

[Booner72]

It sounds like UW just denied him and didn't give him a chance to fix it - and sent him off to another bank.  I don't think he even had a chance!

But good idea - now he can have his new lender get them off much sooner than August 6th. 

[Shogun]

Update.  

EX -  All disputes removed.  (Easy to deal with the rep with Ex)

TU - Dispute removed (Once I got ahold of the Special Handling Dept thanks to Shane's Post)

EQ - Have a language barrier I guess.  I have to deal with CSC because I live in Oklahoma.  The rep wants to open a dispute to investigate disputes.  Said that's not going to help, I just need the disputes removed.  Have gone round and round so I called the creditors directly.  Below is my results from that.

Discover-  Closed account, paid in full in May but showing a $877 balance.  Said they would update and remove dispute.

Portfolio-  Has some comment Consumer disputes after resolution.  Have no idea what that was.  PIF in May.  Called company they said I have to call the CRA, I told them I did, they said to contact you, she said no it's the CRA, I said no, you put that in, you have to take off.  Supposedly went to some special dispute department and they would remove it on Monday.

Equitable Asscent-  Hard to understand, maybe they remove?  No idea, got the run around.  Kept asking if I wanted to make a payment, asked how much I owed, she said $0.  Then why would I want to make a payment?  I just wanted the dispute comment removed.  Have no idea if I got through to her.