HELP ME!! TRYING TO BUY HOME

[AndySoCal]

have you tried contacting the orginal creditor on the unpaid collections ?  See if you can arrange a PIF in exchange for them pulling the collection account back. If the collection account is pulled the collection agency has to stop reporting it.  What type of debt is the unpaid collection accounts ? Ie Credit card cell phone cable bill etc

[Anonymous]

AndySoCal,

Thanks for your response. I have actually not tried to contact the original creditor on the unpaids..does that work?? The unpaid accounts are as follows two of them are from progressive insurance company for automobile insurance. One is from a bank account that was a joint account that an ex wrote bad checks after our break up and left that account in collections and one is from an apartment complex also from the same ex who didn't pay the last month of rent after i moved out.

[Anonymous]

Fused,

So it's possible but not likely? If not likely what range might it put me at?

[Anonymous]

joshandkimm,

How soon are you looking to buy?

Do you have ANY lates or other derogs on your CRs from within the last 12 months?

Based on your expected deposit and price range, what LTV ratio do you expect?

FHA is one option. Credit scores aren't nearly as important as DTI for FHA.

Also, talk to a mortgage broker. Don't mess around dealing directly with a bank, thrift or CU--and I work for a bank. Even though I think we're better than most, banks remain the domain of Henry Potter and Montgomery Burns.

[Anonymous]

Noah,

Thanks for your response. I would like to be in a contract by april to get the tax credit.

I have one collection account that is under 12 months and two 30 day lates from 11 months ago. We have about $15,000 to put towards a house. We have talked to a few mortgage brokers. We are in the process of rapid rescoring because i got like 5 deletion letters from collections and charge offs.

[Anonymous]

Talk to your broker, but a late within the past 12 months and I don't believe you can get FHA.

If you can PIF, so long as it reports PIF or on a payment payment, there are lenders who will lend. DW and I bought in September 2007 with a COLL we were paying on. Granted, that's a whole different world ago, but there were and remain less than prime lenders out there.

What approximate LTV do you think you'll end up in?

[AndySoCal]

You can  try to talk to the original creditor and offer payment in full in exchange for pulling the account from the collection agency.  This might work if orginal creditor owns the debt. If the original creditor does not own the debt it will not work. I had suggested this to someone else that a collection account with progressive ins. and they would not do it.  I would work on two items these are having the greatest impact on your score. The collection  account that is less than a year old and the 2  30 day lates that  are less than a year old.

[MattH]

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@Anonymous wrote:

joshandkimm,

How soon are you looking to buy?

Do you have ANY lates or other derogs on your CRs from within the last 12 months?

Based on your expected deposit and price range, what LTV ratio do you expect?

FHA is one option. Credit scores aren't nearly as important as DTI for FHA.

Also, talk to a mortgage broker. Don't mess around dealing directly with a bank, thrift or CU--and I work for a bank. Even though I think we're better than most, banks remain the domain of Henry Potter and Montgomery Burns.

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And more than a few Gordon Gekko types are still running around Wall Street.

[Anonymous]

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@MattH wrote:

And more than a few Gordon Gekko types are still running around Wall Street.

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Aw c'mon. That's not accurate.

They don't run, they slither.

[Anonymous]

ok so PROGRESSIVE INSURANCE just agreed to deleted both collection accounts for PIF...how much of increase??