Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am about a day away from pulling the whole deal. The only thing keeping me in the game at this point is the fact that I will lose escrow money if I walk away.
On Friday my loan officer told me that I needed to have a conference call with their credit company and I did, so they could call my collections places and confirm that I have indeed payed the balances etc. They told me ok all set, we'll get this stuff back over to the loan officer.
So today, my loan officer sends me another forwarded email saying that they need letters from the credit agencies. So we are basically back at square one again.
On the plus side, it's now been over 10 days since I paid on the collections so I can finally get a letter, only I won't have time now for everything to process without yet another extension on the closing date.
I'm just wondering why you didn't pull your credit report as Step 1 of the process of buying a house.
Everyone has to pull a credit report, and you already knew you had a dispute with DirectTV. This would have saved you a lot of time and possibly money.
Sorry OP, but this is exactly why we are scared to pull the trigger on a house right now. Part of it is how burned we were in 2008 when our neighbors started walking away, but I'm seeing people who probably have no business with the responsibility of a mortgage, given one these days.
If YOU don't have your closing costs, your down payment, six months living expenses saved, good credit, and a stable job, then shame on any lender handing you a mortgage.
If you are depending on mommy, you are not ready to be a homeowner.
I'm just wondering why you didn't pull your credit report as Step 1 of the process of buying a house.
Everyone has to pull a credit report, and you already knew you had a dispute with DirectTV. This would have saved you a lot of time and possibly money.
The OP did have their credit pulled. It was on the second pull, after the initial application and before the closing on the house, where the OP found out that two collections were placed on their credit reports.
So I am in the process of buying a house, we are supposed to close on Tuesday. Today the bank called and told me that they would have to pull my credit again and when they did, there was 2 accounts that were sent to collections...One I knew about and paid when I saw it hit my credit report a week ago and 1 I haven't decided whether to dispute or not yet. Anyway, those 2 things which total less than 300 dollars (and again one is now paid) caused my credit to drop over 60 points!
NOW the bank is saying that I need 5k more to close! I can get it from my mother and she is willing, but has anyone else had this happen? I have been crying for almost an hour.
Rule #1 before you start looking for houses, make sure all your bills are paid and there is no account that can go into collections.
I'm just wondering why you didn't pull your credit report as Step 1 of the process of buying a house.
Everyone has to pull a credit report, and you already knew you had a dispute with DirectTV. This would have saved you a lot of time and possibly money.
we did pull our credit as step 1. those two things weren't on there at the time. they didn't report to the credit bureau until a week or so before we were supposed to close on the house.
Sorry OP, but this is exactly why we are scared to pull the trigger on a house right now. Part of it is how burned we were in 2008 when our neighbors started walking away, but I'm seeing people who probably have no business with the responsibility of a mortgage, given one these days.
If YOU don't have your closing costs, your down payment, six months living expenses saved, good credit, and a stable job, then shame on any lender handing you a mortgage.
If you are depending on mommy, you are not ready to be a homeowner.
I had everything except 6 months of of living expenses saved, I had initial closing costs, plus a little extra, a down payment, good credit and a stable job.
The only reason I had to ask my mom for a little help (and hopefully I won't need it after all) was because after the two things I didn't know about being reported the bank wanted more money than we had saved.
The ONLY thing that was my honest error was the DirectTV account for less than 150.00, and I hardly think that THAT should be the deciding factor in whether I can own a home or not. Why not take into consideration that I've not missed or paid late ANY rent payments for the last 7+ years, or the fact that my auto loans have always been paid on time (AND that I lump sum paid off a vehicle last year), or the fact that I make the minimum payment every month PLUS extra every month on my minor credit cards.
Please don't paint me as being so irresponsible that I shouldn't be allowed to buy a house at this point.
More context: one of them was from 2015 and one was from 2016, I knew of the one from 2015, and didn't feel I should pay it (though if it helps to get this situation resolved I'll just pay it and get it over with)
The one from 2016 was a hospital bill and the hospital had an incorrect address for me so I never got it, and didn't know about it until it showed up on my latest credit karma check.
They just hit my credit report recently (between the credit pull from being pre qualified) and the inquiry they do prior to closing. I checked my own credit about a week or 2 ago, saw it and paid the medical one, and was considering disputing the other one.
And again the combined total of both of them was less than 300.00 so I'm not sure how that equates to a high risk for a loan when I've paid rent on time for the last 7+years and have 0 late payments on any of my credit cards.
The bank said I initially had a credit in lender credits for 575.00 at closing, but with the hit to my credit the risk indicates now that I have to pay 5k.
At this point we will just find a way to pay it, (we had the majority of it so we don't have to scrape together that much more, but good bye painting and small fixes before we move in) the other option is to start over, at a loss of 4k (2k in escrow down the drain, plus another 2k when we find another house) plus more money to find a place to stay in the interim.
You should NOT be buying a house. No way. No how. You'll be struggling to make mortgage payments in a few months...if that.
Not to mention, what if the heating, plumbing, AC went? You're screwed. It's not about being irresponsible. It's about being ready. You're not.
Quote:
Originally Posted by Sharpydove
Sorry OP, but this is exactly why we are scared to pull the trigger on a house right now. Part of it is how burned we were in 2008 when our neighbors started walking away, but I'm seeing people who probably have no business with the responsibility of a mortgage, given one these days.
If YOU don't have your closing costs, your down payment, six months living expenses saved, good credit, and a stable job, then shame on any lender handing you a mortgage.
If you are depending on mommy, you are not ready to be a homeowner.
You should NOT be buying a house. No way. No how. You'll be struggling to make mortgage payments in a few months...if that.
Not to mention, what if the heating, plumbing, AC went? You're screwed. It's not about being irresponsible. It's about being ready. You're not.
What if she wins the lottery, or a rich uncle dies and leaves her money or what if , nothing breaks for years, or what if, or what if.. If you choose to live in a what if world, that's fine, but you shouldn't place your personal standings onto others. The banks have set guidelines. As long as he/she meets those guidelines, who are you to say they can't or shouldn't own a home? And has a home owner, if the heating, plumbing and AC all went out at the same time, 99% of the home owners would be screwed.
spider07, who are we to say? We who get our home values destroyed when someone like the OP runs out of money...or mom's money!
The banks are, once again, being told to ease up lending requirements and frankly, it scares the heck out of me.
You SHOULD have six months living expenses saved just in case HVAC, plumbing, etc. go out. I cannot imagine being so financially irresponsible.
If 99% of homeowners would be screwed with those common repairs, then I KNOW I don't want to buy another home.
spider07, who are we to say? We who get our home values destroyed when someone like the OP runs out of money...or mom's money!
The banks are, once again, being told to ease up lending requirements and frankly, it scares the heck out of me.
You SHOULD have six months living expenses saved just in case HVAC, plumbing, etc. go out. I cannot imagine being so financially irresponsible.
If 99% of homeowners would be screwed with those common repairs, then I KNOW I don't want to buy another home.
Lenders have not eased up much and there are too many regulations to prevent them from lending like they did 15 years ago.
If everyone had to have 20% down AND 6 months of living expenses saved up, the economy would completely collapse. Way worse than the recent recession. Why? Almost no one could afford to buy, rent would skyrocket due to the demand, and people would be homeless.
It drives me nuts when people judge others when it isn't their business.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
