Question for the Mortgage GODS????

[tigerpaw]

I'm having the devil of a time getting CO's that were included in BK changed to IIB. Its the usual companies that everyone has problems with on this.......1stUSA, MBNA and DMB. Here is my question. If I cant get this info changed on the CR's how will it affect my getting a loan for either a conventional loan or FHA?

 

thanks

 

tigerpaw

[willtygart]

I know you were asking Fla Tan and Dac Man but I figured I would reply until one of the Gawds comes by ......it would depend upon what yer scores are and the overall picture (hows that for being politicALLY CORRECT AND COVERING YOUR BUT) but I think if you have these accounts in your BK papers all you need to do is have a copy sent from your broker to the lender and they will ignore these account....sorry for the yelling above...caps lock....does anyone ever really intentially use caps lock and who invented that lil demon.

 

 

I still think this looks like Dac Man bending over :arrow: :idea:

[DACMAN]

Wil you are so funny sometimes.

 

And i thought you were just letting everyone know that you got electricty at your place now.

 

As for the collections. Will is partically correct. It really depends on your score and the rest of your credit history. There are very few lenders on the conventional side that will manually underwrite so thos collections could cause a huge problem.

 

With FHA as long as they were in your Bk and the rest of the picture is fine it should be less of a problem as many FHA underwriters still do manual underwriting.

 

Best optionis to have someone run it through automated for both conventional and FHA and see which one works. I personally woudl suggest they try FNMA vs Freddie as FNAM's system may be a little better with this situation.

[willtygart]

And if you want to know more about the FHA loans go to FHAinfo.com it's a decent site with some information on it that will help. :wink:

[tigerpaw]

I thank you guys for your response. But let me ask you......how do you get them to report the accounts correctly? I have been visiting the credit board for a long time and no body seems to have an answer for this. These debts were included in the bk and should be reported correctly but the cc companies (and it is the same ones for everyone) keep reporting it improperly on purpose just to keep you from getting good financing. Is this something that an attorney experienced in consumer debt issues should handle?

 

I believe that this kind of reporting is a violation of FCRA and the BK laws. I really want to try and get this issue fixed before I start applying. Any ideas?

 

tigerpaw

[willtygart]

the BK papers will cure your credit report woes as far as getting the loan....a lawyer OR if you would like you can email me and I will give you the contact info of a bird dawg that will chew on the "bad people" that are reporting your stuff wrong