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About to close on mortgage last minute surprise!!!! Help!!!!


Nahjae
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Hi

This will be my first home. I was approved for the mortgage. (va loan) Received the papers from the underwriter. APPROVAL with conditions. One that I am having problem with says Need to show last two bank statements verifying assets in the amount of $6,200 to close and any large deposits must be documented.

Also, pay a a collection account $4,000.

Well, I can pay the collection account but then I won't have anything in the bank. I deposit $6,000 in the bank every month but Until closing I have to continue to pay my bills at the current apartment rent is 1,400 i have utilities, credit cards, $500 car note and more. With what i had saved I have been writing checks for the buying process, $1,500 down payments, appraisal, inspection and now I have to pay this collection wich is not even mine but as much as i dispute it it won't go away i have been fighting the collection co for 1 year now and it keeps coming back verified and frivolous. Its more then 6 years old. The seller agreed to pay $7,000 towards closing. I'm getting 100% va financing. But I am not able to show That I will have $6,200 in the bank the day of closing. I have worked very hard to be able to buy my first home My scores went from 498 to 647 in less then a year I paid all collections except the one I mentioned. I even paid $3,000 on a car I cosigned for that was then repoed. YEAH that hurt alot because it wasn't even my car. But anyways I would hate to loose this house and all the moneys I've put in over this assets verification issue. Please HELP Is there a way around this?

Any help would be appreciated

Thanks

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I am in a similar situation. I have a credit score of 671 and a $4,000 medical collection. I am trying to refi my house from an ARM to fixed rate. Since I am self employed they want me to show $12,000 in the bank at closing - $4,000 to pay off collection and the other $8,000 is to prove that I have 6 months worth of house payments in the bank. Originally they wanted me to have $15,000 in there. I can have it in there but I can't pay one red cent to anyone this month - which is impossible. Geez, if I had $12,000 sitting in the bank I wouldn't have a $4,000 medical collection! And like you, I have worked very hard to increase my score. The collection is my ONLY bad!

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Have you had any luck with negotiating the Collection amount down?

I am sure that your goal is to have the best rate possible, but maybe going with an "Alt-A" lender would be your best bet. They have less of a reserves requirement and depending on the age of the collection account, won't make you pay that off.

Charles

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The collection co is FCO formerly pierce hamilton and stern. I have been fighting them for one year now. They are very rude they will not negotiate.

See this was an apartment i lived in in florida I have a little boy he is disabled (wheelchair) In an attempt for him to walk he had surgery and was casted from the waist down I had to stay home to care for him and lost my job the apt was on a second floor and i was not able to get him in and out. I worked something out with the apt management i gave them notice because i had to leave and move to massachusetts to be near my family because of my son's medical condition. I found another person to move in and they signed a lease for the apt. now 6 years later is on my credit report as a joint account. The person apparently broke the lewase and now they are coming after both of us. I explained this to the collection co and they said if i can fax them a copy of the writen notice where i was released from the lease that they would remove this from my credit report. Well i called the apartment and those records no longer exist the apat was sold to another company. the collection co won't give any info on the old company who owned the apts so that i can try to get information. He told me i was out of luck and that that is what i get for not keeping documents. This was over 6 years ago i signed the notice but i don't remember getting a copy and even if i did it was so long ago i no longer have it.

So, if i pay it off i am not going to have any money in the bank to show for resevres for the mortgage. I just don't know what to do Im scheduled to close in 6 weeks and i can't fix this mess.

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By the way before someone asks I did DV the collection co last year and what they sent me was a print out bill with my name and the other person's name and two rental applications one for me and one from the other person. I don not think this is proper validation I asked them for the lease because this will clearly show TWO separate leases his and mines. They claim they don't have it and can't get it because the account is so old. Once again, they asked me to get it and send it to them. But as I said the apartment complex was sold and no one seems to know where these records are.

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  • 2 weeks later...

I would try this. File a police stating that account was opened due to ID theft. Send a copy to the creditor and send/ fax a copy to all CRA's and take a copy of the letter you sent to the CRA's to remove. Give this to your loan offer. This could work. Remenber that need to give you a loan as much as you want it. I hope this works for you.

Good luck

ycedy

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  • 2 weeks later...

Just curious, did the ID Theft approach work? If a CA doesn't validate after VOD, is this a viable solution?

*edit* -> After doing more reading, this may be a dangerous move. Reporting ID Theft on an account you suspect is actually yours may actually break some laws and could invoke prosecution.

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