songbirdnc

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About songbirdnc

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core_pfieldgroups_99

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    Mortgage Consultant

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    NC
  1. songbirdnc

    Help

    Unfortunately I believe the respose you got back is correct from what I have researched. Actually trying to COLLECT a debt and actually REPORTING a debt have laws that apply to each one, so the law applies differently to each. You need to distinguish between COLLECTION TIME and REPORTING TIME. Just because the debt has an expired SOL does not mean that the debt cannot remain on credit report. An expired SOL can protect you from being sued or having to even repay the old debt, but it does not protect you from how long it can by law REMAIN on your credit report. Reporting time: Section 1785.13. of the Calif. Civil Code -Collection accounts and charge offs remain for 7 years from first serious delinquency or charge off date. (NOT the last date of activity.) So, in summary, the collector would not stand a chance at winning if you were sued b/c of the expired SOL, but they can report the debt and it can remian on your credit report for SEVEN years. (again looked up Cali law) If anyone else feels that I have not interpreted this correctly please feel free to comment, but I have done some extensive research on this for you to try and help you out. I got my answers from what I believe is the sister site to this site or either they may actually be one in the same. http://www.carreonandassociates.com/articles/reportingtime.htm Hope this helps!!
  2. Unfortunately, sounds like you were sued and the court hearing has already taken place, and a judgement has been entered against you by default of you not being there to defend yourself against such action. I would research on this board what to do now that this has happened. You should also call the court and ask if this is indeed what has happened, let them know you just received this notice in the mail and you need to confirm this. Do not just assume this is valid, you need to find out if this is the case with the courts, they will know if a judgement was entered and the time and date of the hearing it was on. Wish I could help you more, but I am sure there will be others here that will help too.
  3. I can only offer this http://www.ftc.gov/os/statutes/fcra/tatelbaum.htm I believe this may be the letter that willingtocope is referencing? It is some heavy reading and I find it hard to interpret due to the long explaintions and legalities. Maybe someone here can interpret more. Also here is the link that I even found the Tatelbaum letter from in the first place http://www.ftc.gov/os/statutes/fcra/index.htm
  4. As I stated in my earlier posts. I hope my posts have helped someone here, as far as (amortgageman) you have a lot of great information, but the receptivity is all in the delivery. No ill will intended, take care.
  5. Yes, use gift funds or home buyers assistance program. I was about to ask why gift funds or a homebuyer's assistance program would be necessary if you have 3% to put down on an FHA loan, but I think perhaps you mean to use the gift funds for the 3%. Is that right? I think I will have 3% in my own funds to use as a downpayment but I do not have any other assets or savings to show. I thought that might stand against me being approved. FHA 3% down payment and need 2 months reserves (2 months of mortgage payments in your bank account)
  6. I appreciate your comments because today is my first postings here and I got slammed by some guy (amortgageman) I am very new to this site, just registered over the weekend and thought what a great resource, so I make a post and am thinking I am actually helping others and out of no where comes sarcasm and ego towards my posting? I replied to his sarcasm b/c we are on here to help, not as in competition. Thanks for the support.
  7. Yes, use gift funds or home buyers assistance program.
  8. Who is the lender that would lend with that kind of score? whoever they are I suggest they market heavily b/c that type of scenario is absolutely unheard of? I have not heard of a lender approving with a score that low. I have gotten an approval for a borrower with a 500 score, self-employed, stated income, rate of 5.50% but his income was exceptional, and his downpayment was also exceptional, stable employment history, etc........ Your post makes it sound like anyone with bad credit can get any loan they want, and underwriting guidelines are basically not a concern? Not trying to be conflicting here, but I think for all intensive purposes in this forum, unless ppl reading these posts also know and understand what IS required by an underwriter I think projecting such simplicity from the example you gave is not the norm nor is it realistic for most ppl. It is absolutely a case by case basis, but mortgage lending guidelines are adhered to and there is no way around them. Not everyone with a no score or a 416 score is going to get approved for a mortgage loan, at least not with Fannie Mae or Freddie Mac, or even a govt loan (FHA) in fact the chances of it are quite rare indeed. I am sure your borrower had a lot more going for him than you are taking the time to tell. All I am wanting to stress here is that is not a typical situation and I would not want ppl reading this to think it is that simple and that any score will work, b/c that is just not the case. There are private mortgage lenders out there and perhaps a private investor will lend to someone with that low a score. Private investors do not conform to Fannie Mae or Freddie Mac guidelines.
  9. A borrower needs at least a 500, and that is going to be a sub-prime loan as well as anywhere from 5% to 20% downpayment, and it will be a high interest rate, this is not going to be the most attractive offer for you, but then again this is not the most attractive risk for the bank either, however; there are many factors that come into play when applying for a mortgage loan. The absolute BEST thing to do is find a lender that will sit down with you and go through your credit report and give you advice of what you need to do to get a mortgage loan. An experienced loan officer will know from looking at your mortgage application what direction to go in. Here is the "formula" that you need to know about: credit score of 500 to 580 is going to be the worst scenario in terms of rate, and money down. credit score of 580 to 620 can get you into an FHA loan with only 3% down and the rate will be a little better than a subprime loan. Credit score of 620 to 680 is what you need for a conventional loan and this is the area you want to be in to get the best rate. Credit score of 680 or higher, you are considered A credit. golden Credit scores are only ONE factor in getting a loan. Income, Assets, Liabilities, and Employment are the other ones that are under the microscope. The main thing is risk. A lender has to look at this as a win-win situation and if it does not add up then it doesn't. You may not be able to get a loan right now, but one day you will providing you strive to accomplish the things you need to do based on your personal credit history, and the other factors stated above. I hope this helps in your learning process so that one day you will own your own the home of your dreams. Mortgage Consultant