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Am I the only person here who is troubled that the OP has $1,800 in collections, admits he has the money to pay them off, yet hasn't done so for the 4-5 years they've been in collections???
Can you spell personal responsibility???
you are absolutley right, i dont have an arguement to that statment that will hold any water at all.i can say that i have disputed amounts owed on some. and did not know that some were on my account untill my credit was pulled a few weeks ago.i dont check my credit like i should have been.if i could turn back the clock, i would have straightened out my credit 12-18 months ahead of aplying for a mortgage.but like i said,most are medical.fha doesnt require medical to be paid.and my LO stated this morning that we are past the financial part of the underwriting anyway.after we close on the house you bet your boots im going to get these collections paid off.should i settle for a lesser amount than whats owed or should i make regular ontime payments? which would be better for a credit score?
Last edited by lifethinker; 03-19-2013 at 08:10 PM..
Again, don't do anything without your loan officer's authorization.
After settlement, you can settle any account for a lesser amount and that is the same as paid in full.
Medical collections have the most abysmal track record. The average insurance claim takes 30 days to be submitted and processed. Anything that is 30 days from the date of service may be placed into collection status and most are sold immediately and more than once. You or your insurance could pay it, it could be sold and years later you wonder how that balance got there. If they don't make you pay them, ask for proof of obligation.
Well, instead of paying anything off, I had to explain every collection on a consumer information form. Also a rent verification form, a real estate certificate form, and they just verified my employment. Processor explained that if I was going to be denied because of credit, I would have known early on in the uw process. We are now back into underwriting so he can clear the conditions. I'm keeping fingers and toes crossed! Hopefully I will be out of the woods after this! I will keep this thread updated. Thanks to all who have experience in this that have given me advice!
got a call from LO today. we are now out of UW and have a 100% approval!! yay! i dont know if i stated this earlier but my appraisal came in short. selling price 129900 and the appraisal came in at 127000. so my realestate agent negotiated with the relo company and she got it amended to 127500.so now all we are waiting on is the contract to come back.im soooo happy! when is the title company going to do the survey? i asked LO that and he said they will order one monday but we're supposed to close wednesday.will that be enough time?
we're definitely not closing on the 27th.from what i was told today,the amendment needs to be updated my the appraiser and we are waiting on the appriaser to get back with the lender.my realtor also amended the closing date to the 5th.im so *&%!@ angry at this whole process.i contacted the LO yesterday afternoon and he assured me that we would know the closing date today.now they're telling me we have to get all these little conditions cleared from the underwriter one more time before they can schedule a closing date with the title company.thats not what i was told yesterday.is there anything i can do to speed this up?i was thinking about calling EECU and talking with someone about their mortgage partner giving me false information regarding my closing date.my complaint will probably fall on deaf ears.i just have to sit back and do what i hate the most...wait.
It may be tight, but one thing in your favor, loan officers hate closings rolling to the next month.
ive heard this elsewhere also.why do they not like loans rolling over to the next month? lets say i close april 1rst.does that mean my first payment isnt due untill june?
ive heard this elsewhere also.why do they not like loans rolling over to the next month? lets say i close april 1rst.does that mean my first payment isnt due untill june?
Most LO's are paid monthly, 100% commission based on the prior month's production. A few of us (like me) are paid on the 15th and the 30/31st. The ones that are monthly really have to wait. So if you close the 5th of April, chances are, your LO won't be paid until 5/15/2013, possibly 5/31/2013.
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