nj2tx

Thank you. I appreciate the feedback!

DH has the myfico credit monitoring service. I'm not new to credit repair, but have been away for a while. We are in the process of apply for a mortgage. The Fico 8 model shows EX 800, TU 782 and EQ 787. ONLY blemish is one 30 late to Chase bank on a CC from 2011. His overall utilization is 30% with one card at 87% utilization because it is a 0% interest card, well documented income well within range of front and back end ratios of the loan we are seeking. Supreme Lending Mortgage lender came back saying his scores are EX 708, TU 732 and EQ 712. Can someone tell me what model we can expect to be used and if there should be such a drastic difference between the FICO 8 model and the one used for a mortgage? Seems to me, he's as low risk as can be - we are shocked to suddenly be viewed as 'less than desirable/higher-risk.'

Thank you very, very much WhyChat. I know you can recite this all in your sleep, but the steps and possible variations can be overwhelming to those of us who are less well-versed. I appreciate your help!

I apologize in advance, I have read and reread the steps, but I'm just stumped. I'm not a newbie to credit repair, I think my CB account is about 10 yrs old, but I've been away a while. I had 1 med collection showing on TU and EQ, (Commonwealth Financial) and two on EX (Commonweath & United Revenue). I disputed using WhyChat's initial Credit Report Dispute Form to all three bureaus. I haven't heard back from TU yet, but EQ deleted Commonwealth, and EX deleted Commonwealth but said that per a previous dispute (I think I started disputing the United Revenue 2-3 yrs ago and fell off track) United Revenue had 'verified its accuracy' and so it will remain on my report. However, I never received any information demanded in the dispute letter (name of patient, date of service, etc.). I'm confused as to who I go to now. Do I write back to EX saying "You didn't provide the required info, so delete now" or do I use the sample letter to accompany payment to the OC? Since EX is saying it had been previously verified and wouldn't review w/o additional relevant information from me, I'm not sure who I make my next appeal to - EX or the OC (I know not to engage w/the CA)? Thanks in advance for any help or direction.

Thanks for the responses, I truly appreciate them!

What is the likelihood of the TL being deleted entirely? I had great success with disputes many years ago, without TL deletions. Has the environment changed much with this regard?

I used to be well versed in these matters and a frequent poster on these boards +/- 10 years ago. Unfortunately, I haven't kept up and most of what I knew is long gone. I wrote a good will letter for my SO to Chase for a 30 day missed payment in 5/10 its his only late on record. They responded with a letter saying the reporting is accurate and will remain on record. Is it worth it to go through the dispute process, if they responded to my good will letter saying they "researched your account history and found the information we provided is correct?" Perhaps I should have foregone the good will letter and went straight to disputing. Have I set disputing up to fail by going the good will route? Thanks!

I had a short sale in 3/10 with the first to Citi and a second to Chase. Citi accepted the short sale price which was $125k short of the balance due on the account. Chase sent an offer letter one year later offering to accept $5k as settlement for the $99k that was owed to them. I paid Chase $5k in 2011 to settle the debt and have paperwork confirming as much. Will a short sale 'fall off' after 7 years like traditional CC debt, or remain for 10 yrs like a Foreclosure? If it is 9 months before the SOL for reporting runs out (10/17) is it worth my time to 'poke it with a stick' with disputes? What's the likelihood that Citibank or Chase would validate a debt that was 'settled' 6 yr 3 mo ago? Also, the second entry of the "Settled for less than agreed" from Chase is dated 2011, is this subject to the 7 or 10 yr SOL and would there be any way to dispute this info, would Chase likely validate after my compliance with their offer? Any advice would be appreciated - thanks!!

Got a call out of the blue today from Amex saying they are doing an account review due to Experian reporting serious delinquency/derogatory information on 7/30 - couldn't tell me what it was. I can't imagine what it could be. Had a short sale two years ago - no negatives before, none since. Opened new phone service for my son with Sprint two days ago, was approved for 5 lines (I only needed one), the rep commented what good credit I have. Anyway, now AMEX wants income info from the IRS and has my account suspended until income can be verified. Aside for being devastated by that, I was unable to look at my Experian report through annualcreditreport.com because I froze the account (at least five) years ago, and am clueless about what the code is to remove the freeze. Any advice on how to get Experian to release my report to me without the 'magic code'. I'm freaking out over the loss of my most important cards, and now thinking that I have some new derog on my report. Was hoping to qualify to buy a house again next year. Very sad!!

We had the same situation, but signed, because my RE Agent checked with a RE Attorney who said to give any cash settlement to the 2nd would be to defraud the first. I am hoping to settle with them for 10% or less in their "recovery' department. Did you give them a cash settlement during the closing?

Please if ANYONE could weigh in, I would truly appreciate it. I'm getting close to the end of the road and don't want to blow it. I don't want to get slapped with a 97k judgment, but don't want to invalidate the short sale agreement, or God forbid, be accused of any kind of fraud. I did not inititate the conversation about funds being paid to the second, they did. But here is the correspondence from this morning. Can't tell if this is a legitimate offer, or some attempt at entrapment: Me to 2nd lender: "I believe that the amount that 1st is providing $11k, is 10% of what we owed to 2nd. Per the terms of a short sale with a 1st and 2nd lender, would we be permitted to provide additional funds?We have worked very hard towards this solution, and I do not want to do anything to jeopardize this transaction, or anything that would put us in conflict with the short sale terms set out in the agreement with either lender. Please tell me how this is handled so that if we could come to any kind of agreement, we would still be in within the terms allowed by both lenders. " 2nds response: "in addition to funds from the first, we still need a contribution from the sellers to release judgment. what amount to the 10% of remaining balance can you put towards the difference to release judgment.. again, I can release lien but judgment will stand." Keep in mind, 2nd is a LARGE National bank, not some little po-dunk Mom & Pop shop. He specifically did not address my question about whether this was allowed under the terms laid out by the first or for short sales in general. The 'negotiator/closer' is creating a paper trail with these e-mails. Does this seem like a legitmate offer, is this allowed, or is this some attempt at entrapment, perhaps to overturn the short sale? I'm so close to this long nightmare being over, I don't want to do the wrong thing now. Can anyone PLEASE offer an opinion or feedback? Thanks, nj2tx

Closing on short sale this week. Everything coming down to the wire. The first lien holder has sent a letter saying they will release lien & debt and report it as paid in full for less than owed (or something along that language, you all know what I mean). About the best outcome from a short sale I could think of, I guess. .. The 1st allowed $11k to the second lien holder. We owed the 2nd $108k. They sent a letter saying they would release the lien, but not the debt and would persue a deficiency judgment against us for the $97k remaining. I wrote a letter to the negotiator at the second pleading our case that dh has been out of work, whole sad story (true story, but let's keep this short), and asked to be forgiven the debt because we had no way what-so-ever to repay such an amount, stating that dh is over $100k in cc debt (he is). The second responded: "To release lien in full, (bank's name) would need cash contribution from sellers." I responded: "Thank you for your reply. What does this mean?" Second responded: "It means that (bank's name) will release lien in full with no judgments with cash contribution of remaining delinquency, usually 10% but can be negotiated." I would love to make an offer, but is/isn't this illegal? Wouldn't we be defrauding the first if we paid money to the 2nd? The first took a 22k loss on the house - the second is expected to take a $97k loss on the house. Can we offer a small cash settlement to the second after accepting the offer as outlined by the first? The closing is scheduled for Wed, so we are truly getting down to the wire. Can anyone advise? Thanks!

or only foreclosure? Just about to close on a short sale this week (I am seller, losing/forfeiting my home). Attorney said we won't be covered under debt forgivness act - that it has to be a foreclosure. We live in TX. Is this true?

Mayor, Do you mind sharing with bank you work for? Our 2nd is with Chase, and they are not rushing to cooperate as Citi did. In fact, after having received our full financial hardship package, the buyers offer and a copy of Citi's acceptance & offer to them, Chase's response was that it would be 30 days before it would even be assigned to a Negotiator and then and BPO would be order, etc. My Realtor used her negotiating skills to get a Negotiator assigned that day and a BPO was ordered and performed by Chase the next day. That was about 10 days ago and we have heard no further from them. If I can't get Chase's cooperation, I'm just going to have to hand over the house and file for bk, although I personally am not in any extraordinary personal debt aside from the underwater house (dh is a different story, and I don't want to open that can of worms right now). If Chase won't release the debt with the lein, I'll have to file bk, because I can't have a $100k judgment following me around for the next decade. It would be a shame because I have worked so hard despite all this financial hardship to keep my finances current and to try to negotiate the best possible outcome for everyone in a very unfortunate situation. Although that surely may not be Chase's perspective (I certainly did not buy the house with the foreknowledge that my husband would end up out of work for the majority of the two past years, previously he had been an excellent provider with an 800+ credit score....). Can you tell me if your bank is Chase, so that I might know what I am up against? Thanks!

Have an offer on my short sale property (the only home we own), the first lien holder has accepted, now we're trying to get the 2nd to agree. The language regarding the deficiency on the first reads: "Only upon receipt of certified funds and the final HUD-1 Settlement Statement will Mortgage release it's mortgage on the property and waive any deficiency against DH NAME and MY NAME for the remainder of the debt. mortgage Inc reserves the right to revoke this short sale authorization until the certified funds and final HUD-1 Settlement Statement is received and reviewed." We live in TX which is a state that allows deficiencies. Is this language enough to ensure that the first is fully waiving the deficiency and will not come after it in the future and/or sell it to a JDB? If so, we still have to deal with the 2nd and try to get similar language from them. For whatever it is worth, we owe $505 on the house $396 to first, and remainder to 2nd. Short Sale price accepted $425k. mtg1 is taking $383,741 for their part, giving $21,250 to the realtors and I believe offering no more than $11k to mtg2 on the 2nd. This is more than I expected them to offer mtg2 - I seem to hear about the 2nd usually getting $1-2k. Any opinions on the language dealing with the deficiency whether or not it is sufficient to move on and whether or not we are likely to get such cooperation from Chase based on what they will get on their part if they agree to this deal? mtg1 wants the closing on or before 5/26/10. As always, many thanks. nj2tx