gs62551

Very few programs allow them to remain open anymore, I know some allow up to certain amounts, but usually bank overlays require them paid. Odds are if they are reported, regardless of SOL the underwriter is going to stip them to be paid.

As a previous underwriter for mortgages, it was always policy to use the lowest of two middle scores for pricing and applying underwriting matrices to. I worked for a few different companies and that was pretty standard for everyone I worked for.

When I used to underwrite mortgages, I always asked for explanations of credit inquiries and if credit resulted from them, for anything that appeared on credit the full 24 months. I would also ask reasoning for lates if I saw one period on a credit report. I wanted to know the circumstances it takes for a borrow to be late and see if that situation was likely to happen again on the mortgage based on the set of facts that I had in front of me. It was not uncommon for me to stip for LOE a late that was 6 years old. There were quite a few times inquiries resulted in trade lines that never appeared on the credit report and if that was the case, I wanted to see a payment history and be able to factor the payment into the DTI. A couple of the vendors that provided credit reports would also provide information if an inquiry was from a firm that routinely did not report the actual line that may have resulted. As far as BK went there are guidelines for both financial mismanagement BK as well as medical BK. Asking for an explanation allowed me to find out which set of guidelines I would use in underwriting and how strict I would be on any credit missteps after a BK filing. That was pretty much true for any of the underwriters in our department. Depending on the explanation, and the BK paperwork, a person with a medical BK could be approved much much earlier than one from financial mismanagement. Not sure where the information that a mortgage credit report only shows inquiries that happened in the last 90 days, but it is untrue for at least the companies that I worked for and I worked at a few of the big ones. We see everything for the last 24 months. 99.9% of the time we simply just got a tri merge prepared by a vendor. The only time we ever went for a full factual was when VA allowed for non traditional credit sources to merged into a credit report for scoring and approval. Those did not happen very often, and really not even sure if the VA allows it anymore since I do not have a LAPP or DE underwriting credential anymore. Asking for explanation letters is much more than a CYA, if explanations make an underwriter feel uncomfortable it can lead to further inquiry, and when all said in done the explanation is signed and a part of the loan file so if there was lying involved, well their statement was in the file and signed. Talking to friends that are still doing it, it seems still to be the norm even though in many areas they have gotten much more strict. Perhaps I was a bit more strict than others but I hated to be called to meetings for buybacks on non performing loans and being grilled on why I approved what I did.

Adding her could very well turn the loan directly into a decline. I haven't underwritten in two years, but back in the hay day of lending, you probably still would have been stipped to pay off the collections (unless DU/DO ignored them which hardly ever happened), regardless how old they are. We had to drop wives, husbands, all sorts of things off to get loan approvals to work. Income alone doesn't override bad credit, and now a days few things override bad credit. I wouldn't begin to know how 2nd mortgages are being handled now, but from my friends that are still doing it, credit score requirements are so much higher now, that its very hard to get secondary financing to reduce down payments amount 80/15/5, 80/10/10 etc. That is coming from a strictly conventional loan setting. Are you concerned with the down payment amount? If you are looking for lower down payments, FHA may be the way to go. They are also a bit more forgiving on the credit side too, but they have tightened up a bit, and even though the FEDS say they will accept one thing, banks may still have tighter guidelines. The mortgage forum offers great advice here. Maybe even find a loan officer that you trust (feel them out, or get a referral) and lay down the options. They can adjust many different scenarios and programs that maybe both together could fit in.

Can use the Chase application status number to check what the approval was for. I got approved with a temp limit of 2k, called and found out it was substantially more than that. I do not have the number off hand but you can search for it here or google.

If it goes away on the credit report, it will certainly show up on the title search done on your "new" mortgage. A foreclosure never really goes away as it is a public record. Now if you lie on the credit app by not stating a foreclosure occured and it turns up in the title search, I would simply deny the app. I have denied many loans because clean credit reports get the initial approval, but title reports bring out all the legal skeletons.

FHA does not require the tax lien be released, all it requires is that the borrower has a set payment plan with the IRS, and that they have made payments. A payment history is required, usually at least 12 months. I generally do not approve them if they are less than 12 months in repayment unless there is compensating factors. I have been out of underwriting for a few months now, but I did just recheck the HUD regs for FHA and nothing has changed in this regard. So your life is not over with it, just have to make sure you keep a papertrail of your payments.

Yeah I do not regret it either. After a bunch of years of laying low on the credit world, it was my first active card. I just had some baddies that were really killing me in the middle of a lot of past good credit. It helped me establish, and after the removal of alot of duplicate bad things my scores soared upwards. I just was seeing if anyone else was having problems unsecuring. I mean it was left and right I kept reading 9 months, 9 months, on alot of threads and heck they even told me 9 months when I first got the card. I was shocked when I got hit with 2 hards and wanted to just see if it was not just me that had trouble coming off the unsecured right at 9 months. They have been decent to me, not sure if its worth another 29 annual fee but I will cross that road in June when I get there.

Yeah I was under the impression it wasn't going to be a hard either. Had they told me it was going to be a hard (mind you I got two hards) I would of just said to hell with it. I certainly will sock drawer it for the last 3 months, but when it comes annual fee time I will be hard pressed to keep it. I now have a relationship with two credit unions, one that finances my new car and credit scores almost all over 700, 2 Being over 700 now. I also have a few other credit cards with over 5k limits. I have one auto bill on the account, but I could easily switch it to another card and get 3% cash back. It used to get lots of use before my 2nd round of disputes that cleaned virtually everyting off my reports. I think when I got the card, my EX was 501, now its 710.. Regardless I wanted to just make this thread for others that could have been like me, that read most of the "graduated at 9 months" and also believed the CSR's when we got the card. Just be wary of the hards. The TU inquiry has already been b* off. I am now stuck with another EX one. That would make it 3 for this darn card. Oh well. I complained to a supervisor about not being told that it was a credit application, and he is crediting my checking account $25 bucks for not telling me. Oh well. Hopefully my letter to them can get the hard removed from EX, but I am not holding my breath.

So my 9th month just passed. Called in to see about graduation, lady said certainly, let me put in the request. Told me they usually send a letter with the time it takes to get the deposit back. Well pulled my credit during my daily monitoring. 2 B of A inquiries, on Experian and Transunion. Called today said they pull inquiries for graduation application and mine was denied. Funny my credit has improved 150 points since getting that card. I am going to let the thing age until its 1 year old, then drop it. I just got my in to NFCU and really could care less about this B of A thing anymore. I used the B of A card a lot until I got my Freedom card and discover. So just was reporting. Anyone get theirs unsecured this month?

That 78% rule is in effect. If your LTV drops below 78% through "direct payments" then you can petition the mortgage company to remove the PMI. Appreciation is generally not factored in to the equation until after the first 12 months of timely payments. In essence you could not be getting a sweet deal (buying a house for 200k when it really appraises for 250k, then turn around after closing and request PMI deletion). Also be aware that the lender will require you to obtain an appraisal from their list of approved appraisers in the lenders name to entertain your request. This runs usually about $400 bucks. Do not and I repeat do not go get your own appraisal until after talking to the lender because you could simply waste the money on the appraisal if its not an approved vendor or you haven't met the time/payment test that is required. I know there are a few other hoops to jump through but can't remember them off the top of my head. You can talk to your lender directly to get the exact steps but what I outlined is the general flow. Also it also is the lenders perogative to proceed if you drop under 78% due to appreciation only, not due to actually paying down the mortgage. Each have their own guidelines and I know they do comply with governmental regulations. Also, yes 80/20's, 80/5's, 70/30's and all those programs still exist. The second mortgage component is a bit tougher to qualify, but they just didn't evaporate all together. They did evaporate for credit scores lower than certain thresholds. I still underwrite them when I freelance underwrite and so do many of my buddies that survived and remain underwriters with major banks.

I owe the IRS some cash myself. I called around those companies on TV and the cost ranges from 2500 to like 4500 to do the same things you can do with the IRS yourself. I told them to bug off called the IRS myself. Bit the bullet and talked to them. They put me on a payment plan that did not kill me. Told me to pay for 12 months and call back and we could start talking about removing some of the penalties that were assessed. The penalties make up about 50%. The IRS has been very friendly to me. Even though I hid from them for a bit, but once I started talking telling them what I could do to live and pay back what I owed they were very receptive. They also told me that no lien would be filed unless I slipped up. Its been a year and no lien and I will be chatting with them soon about removing some penalities. Another thing, offers in compromise toll the SOL on IRS debt, so if those people drag it out for a year or so, the IRS can still keep coming at you.