PaigeAMJ Posted September 26, 2006 Report Share Posted September 26, 2006 My bf is refinancing his home. He has collections on his credit. The loan officer said that they will pay them off. I have cleaned peoples credit so I think I know at least enough to get by. So I told her that it would show up as a paid collection. She then said, if you send it to the bureaus that its a $0 balance, they will remove it. I have NEVER heard of this. Is this true? Link to comment Share on other sites More sharing options...
Raysway Posted September 26, 2006 Report Share Posted September 26, 2006 ...She then said, if you send it to the bureaus that its a $0 balance, they will remove it. I have NEVER heard of this. Is this true? Not at you of course, but at that statement. UNTRUE! You are correct. I wish it were that easy. I've never heard of that either. You may want to reconsider the loan officer as well, IMO. Link to comment Share on other sites More sharing options...
PaigeAMJ Posted September 27, 2006 Author Report Share Posted September 27, 2006 lol. I thought so. She also said that she HAS to pay all of the debts that were created within the last 2 years. What about that? Link to comment Share on other sites More sharing options...
Raysway Posted September 27, 2006 Report Share Posted September 27, 2006 Someone more mortgage-minded would have to help you with that one. I think it varies from lender to lender and upon the size of the debts. My CU loan officer told me once that she was not concerned about the status of the couple of $100 collections I had, but was concerned about the status of a larger public record that was reported as unpaid. They don't want to see something that could be subject to a lien in the future. Link to comment Share on other sites More sharing options...
PaigeAMJ Posted September 27, 2006 Author Report Share Posted September 27, 2006 She siad that with refinancing, she would have to use some of the cash out money to pay off the collections (AFTER CLOSING). Link to comment Share on other sites More sharing options...
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