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FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13)

Moderator Emerita

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13

Disputes need to be removed because they mask your score and the automated system can not tell the difference between an old dispute that has been resolved (but the comment remains) and a new active dispute.  

 

 

Message 51 of 64
Established Contributor

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13

I was awarded judgment of $562 through courts and on counter claim the judge awarded same amount, when the judgments are entered will this affect my mortgage score not my FICO 8? This was small claims court in AZ and I don't think I can get this vacated because no appeals in SC court. I'm going for a mortgage in Dec and want no hiccups_this was just today!
" EX 687 EQ 701 TU 695 MMS 695"
Message 52 of 64
Valued Contributor

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13

 
Message 53 of 64
New Member

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13

I have a $ 23,986 collection account. the account was awarded to my exwife during our divorce. The divorce stipulates several accounts are her sole responsibility and several were my sole responsibility. The account was in good standing when we divorced and stayed in good standing for 15 months then she stopped paying. It is now in collections. It has been almost 5 years since a payment was made.

I got a raw deal during the divorce and was made to take on the majority of our debt and i refuse to pay a penny towards this (her) account. So were does that put me? Will I have to have 5% of the value assessed against my monthly obligations?

 

Message 54 of 64
Established Contributor

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13


Gman425 wrote:

I have a $ 23,986 collection account. the account was awarded to my exwife during our divorce. The divorce stipulates several accounts are her sole responsibility and several were my sole responsibility. The account was in good standing when we divorced and stayed in good standing for 15 months then she stopped paying. It is now in collections. It has been almost 5 years since a payment was made.

I got a raw deal during the divorce and was made to take on the majority of our debt and i refuse to pay a penny towards this (her) account. So were does that put me? Will I have to have 5% of the value assessed against my monthly obligations?

 


Hi Gman425,

As long as we can document the account was "awarded" to your ex it won't be counted against you at all.

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 55 of 64
New Member

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13

Hey VALoanMaster,

That is awesome news.

Thank you.

Message 56 of 64
New Member

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13

BTW i am a vet. I was looking at an fha loan on a house I own outright to pay a high 10.4% interest loan $16,000 and some past taxes that i have a repay agreement on $41,500. The house is worth 215k and I only want 75,000. I have a couple judgements 2500 and 1200 bucks. I was told those will be repayed with the loan.

Are the advantages to doing a VA loan?

Message 57 of 64
Established Member

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13

Are you a mortgage banker? Can you help me?

VS-$250, AF-$250, Bosovs- $250, Indigo-$300, Gander-$1000, BJs-$1000 As of 6/8/17
Equifax- 585
Transunion- 588
Experian- 629

As of 9/30/17 Equifax-595 Transunion-590 Experian-627

GOAL- 700



Message 58 of 64
Established Contributor

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13

Yes I am a mortgage banker & I can certainly try to help you.
Send me a pm
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 59 of 64
Frequent Contributor

Re: FHA changing collection account, judgments & disputed account guidelines (effective 10/15/13

@VALoanMaster

 

Does the explanation really matter or do they just want to see someting in writing?

 

I am running into an issue now where there was a judgement against me but it was included in my BK and they still want an explanation.

 

This is what I was told to provide:

 

Letter of explanation: type it up and sign it please, simple sentences work, no need for crazy detail

 

To me it sounds like they don't really care and just want me to validate it?




FICOBeginning (6/2017)Current
Equifax636692
Transunion627732
Experian623724
Message 60 of 64