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Charles - Check this out!


chingasaholo
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My buddies got the word from the underwriter at wells fargo today. If they pay off the charge-offs there loan can continue and get a final look over. According to the underwriter the loan is "approvable" as a VA loan. Only problem is their creditors are giving them grief about faxing proof of payment. One creditor said they had to wait 90 days for proof of payment. So that is where they stand now, the underwriter finished her assesment today. The loan office is now breathing a sigh of relief (his words). So the bills should be paid by tomorrow, If they dont get proof of payment (they have in about 3/4 of them) then should I have them tell the loan officer contact them directly to verify? would that be good enough? They are supposed to close on the 12th, which is what the contract says. I doubt they will, but at least they should be close. what do you think about all this, can they consider themselves approved? Once the underwriter said those things if they would have been too far in the hole she would have just said "dissaproved" correct? the fact that she is having them pay things off is good right?

p.s. total amount of charge-offs is 1500.00 for all of them.

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Hey ching,

I closed on a VA on July 30th. When I applied I had an unpaid judgment for $6,500 on one CR. I negotiated with the creditor for a $2,200 settlement. They mailed me a "settlement offer letter" outlining the specifics. I took the cash to one of their branches and they turned it into a cashier's check which the branch, in turn, mailed to the head office. My loan officer agreed to accept the offer letter and proof of payment (carbon of cashier's check) that the debt was paid.

Easy as pie! Am now a homeowner at 5.5%.

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They've had to pay off a couple people by phone (debit card) I know this is taboo, but some creditors are giving them no choice. Nco will take a card but will not fax them proof of payment for 90 days. This will not work. Since they are paying the full amount on everything I dont what the deal is. so they are sending them money western union tomorrow and NCO say's they'll have a letter faxed to them immediately thereafter. They should have all of them paid by tomorrow afternoon, it's just the matter of obtaining proof, the lo hooked them up with a credit reporting person and after they have obtained all the proof they are supposed to work with him to get the accounts updated on the credit report. so hopefully this will work out, would all be no problem but they are pressed for time.

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They should pay with something that gives them an instant receipt of payment. Detailed with referenced account information on the receipt. Western Union may work, another possibility might be certified check, cashiers check from a bank. This way the funds are guaranteed, they can use their copy to submit to the loan officer, who submits to the credit servicer, who then can have their credit report updated to show a clear signal.

These services are less expensive than a rescore, usually $5.00 per transaction.

I just hope you can get this message to them in time.

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I did get in touch with them today, the "nice" people at NCO Financial systems mentioned the western union bit, they are going to get it taken care of today. the loan officer and his credit processor took care of a bunch of erroneous items, they called the creditors themselves and confirmed his wife didnt have accounts, so they zapped them off her report. so far they have two more to pay (NCO) and those will be done by western union. by tuesday morning they should have almost all of the required documentation and the loan will proceed. I'm exited for them, since they'll be living in a better area (down the street from me) and I have someone to watch my dog when I go out of town :)

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they got the final two western union's done today, they'll call back tomorrow for the fax's. ..I never knew it was so hard to pay people money! They paid each of their creditors the full amount and didnt haggle with them. a couple of them gave a hard time about faxing the reciepts. NCO actually was most cooperative with them for the two accounts they had. two accounts at a hawaii agency were less cooperative. arrow financial was less than cooperative too, but since I've delt with them in the past (I made a collector cry on the phone) I jumped at the chance to help them out with this one. I had a letter from arrow on their fax about 30 minutes after I hung up with them, I only had to get a little nasty this time....I need my friends to live close so they can watch my dog remember??? :)

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Seems like an account number on a receipt that matches an account number on a credit report would be OK.

As for it being difficult to pay people, I'd have to agree and that is why I've also speculated that it's not really about them getting their money - it's about them being small, petty, vindictive, slimy, controlling pond scum whose lives are so devoid of anything substantial they have to spend it trying to ruin yours.

If it was just about the money, they'd gladly accept it on whatever terms you wanted - including payment for deletion!

JMHFO!

Matt

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