Juash123 Posted May 26, 2013 Report Share Posted May 26, 2013 What are my chances of getting an FHA loan or what should I do... Long story short lost business/income due to the economy home was foreclosed on 2009 we filed BK in 2010. Unfortunately we have one collection account post BK to Comcast dated 12/11...canceled after receiving a bill for $522 and they could not explain to my satisfaction why the bill was as high as it was and quite frankly I couldn't afford to pay it since I was trying to survive on not much money. Circumstances have improved considerably my husband now has a steady job and we are hoping to once again own a home. We have started working with a mortgage broker everything is in place except this one account...He is trying unsuccessfully to get the information removed. I'm willing to pay the collection in full. If Comcast will not remove the negative reporting (although I'm not giving up on it) and I pay the balance in full will this improve our chances of getting approved for a mortgage? Would there be a waiting time after the debt is paid to make it look better? (We are not in a rush but would like to take advantage while rates are low) .Thank you in advance for any information or advice you can provide! Link to comment Share on other sites More sharing options...
2ndTimeAround Posted May 29, 2013 Report Share Posted May 29, 2013 .. have one collection account post BK to Comcast dated 12/11......canceled after receiving a bill for $522 and they could not explain to my satisfaction why the bill was as high.. Would there be a waiting time after the debt is paid to make it look better.... This is a little off topic in the mortgage section. I had a similar scenario with Cable-vision here in New York. In August 2010 Long Island got hit by Hurricane Irene, we were out of power for two weeks lived off a generator. We lost service from Verizon, found out Cablevision customers still had service. Cablevision offered a special promotion a free package for 30 days.Called them and switched internet carriers. By the 2nd day noticed many inferior differences between them and Verizon. The following week called Verizon and reestablished our account with them. I waited to the following week in return the router to Cablevision. Six months go by a collection company called trying to collect a fee for $400+ dollars. I immediate told them they were wrong. Another year goes by and again they are trying to collect on an unpaid balance. I simply said "prove I owe you this money". I took about an hour between three representatives, forcing them to read the notes. They saw when the service stopped after I turned turned in the router. My advice to you is the first ask them to explain to you - how you owe them . If they cannot, demand an explanation letter and tell them to update your credit report. If in fact you do owe this, ask them to settle for less. When you do settle you ask for a satisfaction letter, saying you want them to report the account as satisfied to the CB's. After about 2 months do a soft-pull of your credit report, to see if it was updated. If no activity, then on your own do a dispute sending a copy of the satisfaction letter. Good luck with your endeavor of getting your home. . Link to comment Share on other sites More sharing options...
Recommended Posts