dacsmommy Posted April 2, 2008 Report Share Posted April 2, 2008 Hi. Me and dh are both VA loan qualifiers. Today I applied for VA loan of $115,000. The gentleman states that the only thing not getting us guaranteed approval is a soon to fall off cr collection account for a repossesed car in the amount of $13,000. Should we just settle the account, or keep trying to get them off the cr which we can since they are in violation? We do need to move soon. What would you experts recommend? Would PFD withthe CA help? Wouldn't the OC still remain on cr and hurt? ANy and all advice is greatly appreicated! Thank you and GOD BLESS! Link to comment Share on other sites More sharing options...
ShortBus Posted April 2, 2008 Report Share Posted April 2, 2008 Need more information; please give the full story of the repo. And it's related to what kind of violation? FDCPA? FCRA? Link to comment Share on other sites More sharing options...
LVMortgageMom Posted April 2, 2008 Report Share Posted April 2, 2008 If your LO is referring to the fact that it is still outstanding, then however you pay it should suffice. As long as you can show that it is paid in full. The fact that the OC will still remain after the CA is paid is irrelevant to the mortgage. Just make sure that your PIF letter from the CA references the OC so that you can connect all the dots for the underwriter. If the LO is referring to the fact the item is derrogatory, then a PFD is definitely the way to go, if you can get it. Talk to your LO, because they can get items deleted on their CR for mortgage purposes that we as individuals can not. It really depends on the relationship that the mortgage company has with the company that provides their credit reports. Link to comment Share on other sites More sharing options...
dacsmommy Posted April 2, 2008 Author Report Share Posted April 2, 2008 Hi. More info on the repo? It was repo'd in Cali back in early 02 if I recall. The ca is Calvary we dv'd them based on innacurate dates, and they haven't replied, however they are verifying to the cra. The dates don't match on any of the cr's, and neither do the amounts they are claiming we owe. My acronyms are bad so not sure FDCPA, or FCRA. Link to comment Share on other sites More sharing options...
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