Ryan1984

When I bought my house back in May, I went with BOA after my broker failed to come through for me. It was submitted on a Monday, and we closed that Friday...with a 621 mid FICO. So, I have nothing but good to say about them...but I suppose it depends on your loan officer.

I believe FHA is 40/45 or at least that's what my loan officer said. I had about $15,000 in the bank at the time of approval, although last statement I gave them I believe showed a little over 12. $9,870 was the Downpayment, a little over 11 total to close. What I did have was overtime income that the would not count because it could not be shown on W2's. I received a significant pay raise last November and doubled my income. I always had the overtime, but looking at my last two W2's shows income in the high 30K's, so the overtime is not visible. However, I submitted them MANY paychecks, all showing around 7 Hours overtime. My YTD pay total was much higher than it should be for the income they qualified me with. All in all, I'm not sure if this had any effect, but I believe it didn't hurt.

Went through Bank of America. Submitted full application on February 22nd, Closed on March 5th.

I'm no expert, but I've been here a while and just going to ask a question someone else is sure to anyway... Why were there no funds in your account to cover whatever you had withdrawn from it? WHERE is your downpayment money, if you have no money in the bank? To me that is the bigger issue then having a NSF fee...

Loan: FHA 5.25% Income: $60,518 Scores 587, 634 , 654 Approved for $282,000 3 open collections; total =$3000. (They were also ALL in dispute at time of pull) 5 Charge off's; two with balances totaling $1800 No lates in 2+ years; Charge off's and collection 5 years ago Same employer just under 3 years. Pay checks showed significantly higher income than the $60,518 would give due to overtime. However, they would not use the overtime because my W2's for the last two years show a much lower amount (mid 30 k's) Almost forgot, DTI 38/44 and, didn't have to pay off anything.

So, after spending a few years on this board and what has seemed like an eternity, I finally closed on my house last Friday. I started in 2007 with credit scores in the high 400's. Lates on student loans, numerous charge off's and numerous collection accounts. Managed to get a few collections off after about a year and opened up a secured card. The beginning of this year my scores were mid 500. At that time I had 6 charge off's showing, numerous lates ranging from 1.75-4 years ago and 5 collection accounts. I set up 2 PFD for two collections and that took care of those two. ANYWAY; when I finally did apply for my mortgage in late January, I was surprised to learn that my Experian score was 654! Transunion was 634 and Experian 618. 5 5 charge off's which still show now from 2005 and 3 collections (All LVNV showing as open as of 2006; wrong) My mortgage broker told me I'd have to pay off the LVNV accounts along with two of the charge off's which were showing a balance; JB Robinson and 1st Financial Bank; total of about $5000. I was fine with that. Unfortunately, after about a month of trying he was unable to secure us a commitment letter. Monday, Feb 22nd is when we needed the letter by and that Friday we started getting really nervous as he still was unsure whether the bank he was working with at that point would approve us. I guess there were questions with income too as it had raised significantly in the last year. Anyway, after not hearing from our broker at all on Friday, our realtor suggested someone from BOA that she works with a lot. We sent him everything he needed at around 9 PM Friday night. Monday morning he called the sellers agent and somehow convinced the sellers to give us another (we already had 1) extension. When he pulled my score, TU and EX were the same, but EQ went down to 587 although nothing changed. We thought we were done. So...that Friday he calls me and said, congratulations. Not only did he get us a commitment letter in less then a week, but we didn't have to pay ANYTHING. They were fine with LVNV reporting, and not just reporting, but in dispute as I had submitted a dispute against them unknowingly (whole OTHER story). He said it was one of the cleanest commitments he's seen. So in attempt to make a long ramble shorter, We closed on the house the following Friday; March 5th. 30 Year FHA 5.25%. total cost to close including prepaid's and down payment was just over $10.k with a $5k seller credit. Don't know the exact DTI but purchase price was $282,000; taxes $2800l insurance $864 and income they had at $5081/month. They didn't count any overtime although it ammounts to around $15k/yr. I felt I got a real good deal. Basically; don't quite know why I'm posting all this. Maybe just to motivate some others who are where I was two years ago...Sometimes everything does just "fall into place."

Thanks, Ken Quat is actually who I e-mailed Thursday night about my case. He sent me a quick e-mail Friday morning asking where I live, and that he may be interested, but hasn't yet responded to my reply. Anyway, about the lawsuit. I'm going to say this one more time. I NEED TO PAY THIS ASAP. I AM NOT GOING TO LOSE THE HOUSE OVER THIS. I DO NOT HAVE TIME FOR A LAWSUIT BEFORE THEN There...Now that that's been reinforced, thank you everyone for your replies. The general consensus here is that after I pay them, I lose my right to a lawsuit. Although I generally value everyone's advice here, I think I will be asking this question to an attorney.

The printouts of my credit reports over the last two years I would hope would serve to verify that they were reporting illegally. Besides, paying it may 0 out the balances, but the dates would not change. Like I said, admitting fault has nothing to do with the violations they have made. Regardless if the debt is legitimate, they should not be able to report it in any way they feel like.

I'm not trying to dispute it off. I'm not disputing that the debt is mine. My problem relies in HOW they are reporting it, which is not correct. I am not concerned about disputing it off, or convincing the CRA in the future that it is not my account. I just want to know that I can still sue after the account has been settled. I would not want to sue because the account wasn't mine, so admitting that is is, shouldn't matter. I would sue because of their violations to the FDCPA and FCRA.

If anyone has a suggestion for a lawyer for MA, who would take this, I'd be open to suggestions. Having a hard time finding anyone. I figure having my real estate lawyer call, saying she is my lawyer, is better than having no lawyer call. It's not like she's actually going to take them to court, just going to try and get them to settle with me. That's why I said we need to read the whole thread. I understand I would need a different attorney to sue them. As far as changing the DOFD, yes I have them on that. They show the accounts opened long after that DOFD also. I've been fighting them for two years now, as in writing letters, filing complaints; i.e. making them aware that there were violations. The debts themselves are 5+ years old. Like I said, I would of been happy if they would of just taken my offer to pay them $500 and mark the accounts settled. They refused, and countered with an amount greater than the balance of the original accounts. That is why I am where I am. I still need to know, from someone who knows, if I can sue after I pay them. I don't see paying as admitting fault or anything like that. Regardless if they were paid, they still performed the violations, did they not? But I'm not educated in those matters. If someone could point me in the direction of where I could find that information, that would be appreciated also.

I think we're missing some important points here. Please read the whole thread before replying.

I had my real estate lawyer call them yesterday. They told her someone would call her on Monday. Don't know if that will happen or not, but I'm hoping for the best. As for paying, if the lawyer doesn't take care of this very soon, I really don't have a choice. I need to pay it or I lose the house. The validity of the debt was never in question. Just the way they report it, and fail to respond to anything I send. I also don't know if I should be taking this up with Equifax (The only CRA they're still on) because Equifax has verified the accounts everytime, even though they also report the OC (which has all the right info) and the numbers are all completely off.

So I'm seriously considering suing LVNV Funding. I have 5 documentable violations against them X three separate accounts: 1.) Failing to properly validate 2.) reporting incorrect balances 3.) reporting as a factoring company 4.) reporting incorrect open/last activity dates 5.) reporting as open I've written letters, filed complaints, etc. etc. nothing has changed on my reports, never really got anything from them. Anyway, I'm pretty sure I could win if I could find a decent lawyer (In Mass; any suggestions?) My situation is that I need to pay them for now (condition for mortgage). My big question is can I still sue them for these violations after I pay to settle account? I'd feel much better about paying them if I knew I could still sue afterward. I threatened a lawsuit and told them I was willing to pay them $500 to settle all three accounts so I wouldn't have to go through the hassle of court. They countered with $1974 (their balances listed at $3800, OC total was $1900) I pretty much told them that was an insult to my intelligence, that my offer was NOT a negotiation, and that I would be turning this over to my attorney if they did not agree to my original offer. They never responded. My lawyer called them today, but they said someone would get back to her monday. Lawyer is just being nice, she's my real estate attorney, doesn't really do this type of thing, just trying to help. Figured it wouldn't hurt to have her give them a call, maybe make a threat or two. I'm just kind of in a bind. Been fighting them for almost two years now, and really really don't want to give them a dime. But, I also don't want to lose "my" house. Like I said, I'd feel much better about paying if I could still sue after.

Where I've been calling, they answer the phone Resurgent. I also sent an e-mail to a generic Resurgent e-mail address. I now know that someone has read that e-mail, because someone on the phone finally gave me a little info. Said that my settlement offer was rejected, but a counter will be sent to me within 5-7 business days. I'm kind of stuck right now, they told me they don't have any other info. I asked if there's anyone I can talk to who might know, but they told me I'd get a call back. I'm stuck because I don't really know how to force them to settle with me RIGHT NOW and not sound like I need this done. I don't want to pay anymore than I absolutely have to, especially not to them.

I asked the broker about this, we'll see what he says. As for taking care of this beforehand, I have the money available to pay them if needed, but I didn't want to give it to them unless I did need to. I feel i have a VERY strong case to get them to settle for a low amount, which is also why I believe no one there wants to talk to me. They keep telling me I need to talk to either a Deborah or a Michelle Holcumbe both of who are in the compliance department (so I discovered). I have NUMEROUS violations on them. I got them off of Trans Union and Experian before we applied, via a very strongly worded dispute. Equifax just came back verified;no change from the same dispute. At that time, I didn't want to wait anymore.