OPT OUT and BK questions on pre approval...

pizza1 · ‎11-09-2015

OK...so as Im getting myself set up next year to get preapproval for a mortagage (hopefully with NFCU, since they wont sell the loan for the life of the loan, and i find that appealing)....Im reading up on everything I can!!

So I now know to "OPT OUT" at least 30-90 days before applying. BUT.....We all hear the horror stories about JDB and CA coming out of the woodwork when a trimerge is pulled, adn they get wind of that. Does opting out stop people from seeing the mortgage pull??

Also, Since I had a BK7, any debt that was or was not IIB, is still considered in the BK7 itsself. SO...what happens if a CA pops up trying to collect on an OLD acct whther or not is was IIB by law, its still considered IIB even if it was listed in the schedule, and they try to collect??

How do I handle that? Im just concerned, but hopefully if that happens and they soft my reports, they see my BK7, and try not to contact me.

Should I also freeze all my reports before applying, and just give CU the pin# when ready to pull? Im also a first time home buyer, so Im completely ignornant in the process, LOL... Thanks for any advice, or input!')

Scupra · ‎11-09-2015

Congrats on taking the first steps Pizza, so happy for you! Wish you the best luck possible.

Opting out would not prevent anyone from seeing the mortgage pulls that I know of. Like you stated though, you filed BK7 so if anytthing pops up it can be taken care of right away! Freezing your reports is up to you, could end up being a PITA. Just don't obtain any new inquiries as your lender will most likely ask you for an explanation on them.

pizza1 · ‎11-09-2015

@Scupra wrote:
Congrats on taking the first steps Pizza, so happy for you! Wish you the best luck possible.

Opting out would not prevent anyone from seeing the mortgage pulls that I know of. Like you stated though, you filed BK7 so if anytthing pops up it can be taken care of right away! Freezing your reports is up to you, could end up being a PITA. Just don't obtain any new inquiries as your lender will most likely ask you for an explanation on them.

Thanks Scupra!

As you know as well....in a BK7, in and all debts, whether or NOT they were listed on schedule, ARE still IIB, regardless by law. I just dont want to have to deal with it if it comes up. LOL.. I have no idea if there is anything floating around out there from years past, but if so...the BK automatic stay remains in place forever! Its anything acquired AFTER the BK was filed, that Im liable for.

Scupra · ‎11-09-2015

@pizza1 wrote:
@Scupra wrote:
Congrats on taking the first steps Pizza, so happy for you! Wish you the best luck possible.

Opting out would not prevent anyone from seeing the mortgage pulls that I know of. Like you stated though, you filed BK7 so if anytthing pops up it can be taken care of right away! Freezing your reports is up to you, could end up being a PITA. Just don't obtain any new inquiries as your lender will most likely ask you for an explanation on them.
Thanks Scupra!

As you know as well....in a BK7, in and all debts, whether or NOT they were listed on schedule, ARE still IIB, regardless by law. I just dont want to have to deal with it if it comes up. LOL.. I have no idea if there is anything floating around out there from years past, but if so...the BK automatic stay remains in place forever! Its anything acquired AFTER the BK was filed, that Im liable for.

Exactly For what it is worth, I had no zombies come out of the woodworks. Neither did DW who hasn't filed BK and she had some collections reporting.