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One bad mark stops home loan! Help...


jerrya86
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Hello,

I applied for a home loan refi with my existing mortgage company. The only item holding it up is an unpaid doctor bill that is older than the SOL. The item shows up on credit reports and is less than seven years. I am willing to pay it off, however, the asking amount is $1700, the original amount was $1100.

A CA was after me for a while and has now stopped. The mortgage co. wants me to pay off the CA.

Should I make an offer to the CA, to the doctors office, or ???

I have less than 30 days to fix this.

Thanks,

Jerry

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You're in a bad spot with this.

The lender wants to make sure no one can put a lien on the property (silly since it is a refi not a new purchase).

You have a couple of choices:

Pay it off in full; get the house refi and move on.

Don't do the refi now and wait until you clear the matter up.

Make a negotiated payment for settlement in full at a lower amount; get the refi.

Try to convice the lender that the item is disputed and past SoL, therefore legally uncollectable (they are worried about a lien, so if it is time-barred this reasoning is silly).

or, make a payment arrangement for a numebr of smaller payments; pay one, get the refi, and stop future payments until you get it resolved. This last one may sound good, but be warned...making a partial payment will likely renew the Statute of Limitations

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