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LVMortgageMom

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LVMortgageMom last won the day on March 19 2008

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  1. It depends on the bank, but in the current market, many banks do a TRV or tax return verification. If you submit your W-2's in lieu of the tax returns they can verify those as well. Additionally, if they are not ordered up front, in your final loan documents you will sign a 4506, which gives the holder of the note the right to request them at some point in the future. If it is found that fraudulent info has been submitted, your loan will be called due and you could be prosecuted for mortgage fraud and wire fraud, which are federal offenses. I'm not trying to frighten you, but just want you to understand ther severity of the matter. Just a few weeks ago I saw a loan declined because the info did not match what the IRS had on file.
  2. I was just recently in a similar situation with Cap 1. I am 100% commision employee as well. I switched companies between my 1st and 2nd payment. When they called, I explained this to them and exactly when I would make the payment. I was informed that collection activities would continue, which was fine, but that there was no late fee. On a sidenote, one of their employees suggested that I go get a payday loan to avoid additional interest accruing. To this I replied, you want me to get a 200% loan to avoid paying a few dollars in extra interest. He had to admit that suggestion didnt make much sense.
  3. There is still hope. With FHA loans, you have to put together a file that makes sense and have an underwriter who is willing to truly do a manual underwrite on it. In your case, as far as obtaining a mortgage, there is no quick fix outside of going FHA. Even if you were able to generate a score with the new accounts that you just opened, you won't have enough seasoning on them. If you'd like you can give me a call in the office on Monday and at minimum we can go over what you need to do to put together an approvable file. My underwriter actually owns the mortgage company that I work for and I see him pretty frequently, so it would not take much to get specific answers on what he would want to see from you.
  4. Depending on your loan amount, you may not necessarily need a credit score to qualify for a mortgage. If your bank is attempting to give you an FHA Mortgage, then they can use alternative tradelines like your car insurance, utility bills, or cell phone bill to qualify to get you qualified. If you need more personalized assistance, feel free to PM me.
  5. Hey Charles, The aunt is already off the title and just wants to be paid. However, the mom is on title still. Do you know of a way that they can finance without including the mom because I sure don't.
  6. Being that the 1st of May is in 2 days, you should know what your rate is by now. Also, you should ask if you are going to have to pay interest for the entire month of may and have your payment due in July or if you will receive an interest credit and have your payment do in June. Are you supposed to be signing your final loan documents on 5/1. If so, you won't be closing until next week, after your 3 day right of recission.
  7. Nope, no C & D letters or anything like that. I guess it just weird to see that they would close a collection account at the consumers request.
  8. If the name of the person who has the judgement is on the account, no matter how much money is in the account and who that money belongs to, it's fair game. Also, unless the money is from sources that can not seized, there is nothing the other account holders can do about it. If the account is opened at a bank where they use to chex systems, then it is not that difficult for the judgement holders to locate the account due to the inquiry by the bank.
  9. What I gathered from that was that he missed his payment due date, but was not 30 days late, which is why it's not listed as a derog. Discover may have felt that he was too much of a risk and closed the account on that basis. Usually when this is denoted in a tradeline, the tradeline is VERY negative. It has a bunch of lates and probably charged off. But none of that is necessary for the credit grantor to close the account. Simply missing the payment due date constitues default and is grounds for account closure. But until he is at least 30 days late it is not a reportable offense, so to speak. At least they didn't lower his limit to what the balance was and then close the account. He would always be at 100% utilization until he paid the account off.
  10. A closed account with a balance does not have to be a negative mark. It simply means the OP has no charging privledges, but is making timely payments to pay the balance down. I would suggest that you have your credit report pulled by the company where you plan on obtaining your loan, if you haven't already. It is quite possible that your score are already where you need them to be because of the scoring model used by the mortgage company opposed to those used by the CRA's. Although your util. on Discover is kinda high, overall, you are right around 43% if I calculated correctly. So yes, continue to work on Discover, work towards that magic 30% number. But, IMO, I think you would be better served looking for CLI opposed to new cards, because you lower your utilization without adding new tradelines and lowering the average age of your accounts and you may be able to be approved with soft inquires opposed to hard ones. Also, u may try to GW MBNA opposed to disputing it. You paid them. You may be able to find some kind hearted soul to take petty on you and delete it. Finally, this is a bit off topic, but when an underwriter sees all of those zero balances on your credit report, he/she has the discretion to hit you with 10% of the CL as your monthly payment opposed to what your actual minimum payments are. You may want to charge a small amount, like 25 bucks, just to ensure that your DTI stays in tack.
  11. I pulled my 3 in 1 for the first time this year and noticed it had changed a bit. There was a new collection, but that wasn't all that surprising. At one point I had four medical collections from one company and on the 3 in 1 all of them are gone and when I pulled my EX report from Credit Expert, all but one of them are gone. I didn't dispute any of them, they just disappeard. Also, a chargeoff from GEMB has disappeared as well. It wasn't set to come off until 2010. I did nothing with that one either But my question is, what does this notation mean when attached to a collection account: TransUnion] Account closed by consumer [Experian] Credit line closed - consumer request - reported by subscriber. [Equifax] Account closed at consumer's request Subject has not satisfied debt. When it's attached to a tradeline I understand it, but I've never seen it attached to a collection. Any ideas???
  12. I had a Kay account that was opened in 1999 and charged off shortly thereafter. I paid it off in 2001 and they continued to report as a positive account until 2003, updating monthly. There are no signs of any negative activity on that tradeline. Right below it sits my new Kay account So, I don't think you have to worry about them not reporting anytime soon. Also, they are currently offering 25% any 1 item that you purchase, i think on the 1st, 2nd, and 3rd, of May. So, now may be as good as time as any to purchase something.
  13. Being that there currently is not a mortgage on the property, whatever type of financing that you end up getting will be considered the 1st mortgage. The question is do you get a home equity line of credit (HELOC) or a fixed mortgage. Ultimately, that will depend on your own personal preference and ability to repay. A HELOC is more like a credit card secured by your home, as you pay it down, you are able to borrow against it again. Since you all have been on the deed for at least a year, more than likely you will be looking at a refinance, opposed to purchase money. The issue that you will run into is if your mother-in-law is willing to co-sign on the mortgage because she is also on the deed. I've been racking my brain trying to figure out how you could possibly not include her on the mortgage and the only thing that I keep coming back to is quit claiming her off, closing on the loan, and then quit claiming her back on. There may be a easier way to get it done, but I just don't see it.
  14. I was kind of hesitant to chime in because I didn't fully understand the questions beind posed. But I will say this, and I'm certain that all of the other mortgage professionals will concur, your new loan WILL NOT be closing by the end of this month. Your loan is not locked and you don't have an insurance binder, which means your final docs have not been drawn yet. So, you NEED to make your mortgage payment NOW if you haven't already. As far as I know, FHA doesn't do not do tier or risk based pricing, so unless the company is paying some of your closing cost, that rate seems a bit on the high side.
  15. Your original servicer HAS to, by LAW, forward your payment to your new servicer and you can not be hit with any lates fees or adverse reporting if the payment was made on time. In both your initial disclosures and the final documents that you signed, there should have been a form called Loan Servicing Agreement, or something of that nature. You'll want to refer new servicer to this forum, although they SHOULD already be aware of it. Continue to track the payment that you made to the original company so that you know for yourself that it has been forwarded and make all future payments to the new company.
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