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New FHA Collection Rule.

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New FHA Collection Rule.

I was preapproved for a FHA mortgage and have submitted an offer. My offer was accepted by the seller and is now waiting for bank acceptence (short sale).  I have collection accounts totalling over 1000.00 I plan to pay off two of those accounts to bring it under the 1000.00 requirement. Will my score take a hit and will it be an issue? I have thought of PFD but I heard that Midland is hard to work with. My question is, if I settle to paid in full will my score drop and create an issue if the repull? Or is the first credit report scores used only? Thank you.

 

 

-First Time Home buyer.

 

Experian:  624  03/16 (Lender Pull)

Equifax:     660  03/16 (Lender Pull)

TU:             672  03/16 (lender pull)

Message 1 of 9
8 REPLIES 8
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Super Contributor

Re: New FHA Collection Rule.

You cannot pay down to 'under $1000'

 

If they total more than $1000, you must pay them all off. Settling is ok.

 

Retired Lender
Message 2 of 9
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Super Contributor

Re: New FHA Collection Rule.

technically, i guess you could pay down to under $1000 and get the lender to pull a new credit report once the accounts update.

i don't know if the u/w would catch that or not or if they will be even looking for shenanigans like that

 

Retired Lender
Message 3 of 9
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Moderator Emerita

Re: New FHA Collection Rule.

Did you see the new FHA notice that came in late Friday? The start date for the new collections rule has been pushed back to July 1 2012.

Message 4 of 9
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Super Contributor

Re: New FHA Collection Rule.


@StartingOver10 wrote:

Did you see the new FHA notice that came in late Friday? The start date for the new collections rule has been pushed back to July 1 2012.


 

 

i didn't

 

nothing across the wiores from my lender.

 

source?

 

wouldn't be the first time(or last) that i get info like this from here. LOL

 

Retired Lender
Message 5 of 9
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Established Member

Re: New FHA Collection Rule.

Message 6 of 9
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Super Contributor

Re: New FHA Collection Rule.

i spoke before i googles.

 

and have since started recieving the emails about this.

 

 

it also sounds like HUD will be taking comments on the issue. we could kill it with some action by the public.

 

 

Retired Lender
Message 7 of 9
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Moderator Emerita

Re: New FHA Collection Rule.


@DallasLoanGuy wrote:

@StartingOver10 wrote:

Did you see the new FHA notice that came in late Friday? The start date for the new collections rule has been pushed back to July 1 2012.


 

 

i didn't

 

nothing across the wiores from my lender.

 

source?

 

wouldn't be the first time(or last) that i get info like this from here. LOL

 


I didn't get a chance to get back here today until now. I should have posted the link. I get the automatic updates from HUD.gov   Glad you got the word out

 

Message 8 of 9
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Super Contributor

Re: New FHA Collection Rule.


@StartingOver10 wrote:

@DallasLoanGuy wrote:

@StartingOver10 wrote:

Did you see the new FHA notice that came in late Friday? The start date for the new collections rule has been pushed back to July 1 2012.


 

 

i didn't

 

nothing across the wiores from my lender.

 

source?

 

wouldn't be the first time(or last) that i get info like this from here. LOL

 


I didn't get a chance to get back here today until now. I should have posted the link. I get the automatic updates from HUD.gov   Glad you got the word out

 


i do too again NOW.

 

dont know how i got unsubscribed.

 

 

Retired Lender
Message 9 of 9
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