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  1. They are both out of whack I think, although honestly I don't recall at this point since I've seen a dizzying array of numbers and info related to this whole process over the last week. However I think I'm pretty far off - the problem is that I'm self employed and take a lot of deductions, so while I have no issues paying back the mortgage (I've been doing so for the last 3 1/2 years), my AGI is low as a result of the deductions I take. And 3 1/2 years ago when I took out the mortgage my parents were working, but now they are retired so while they have plenty in assets, their income is low o
  2. The main obstacle to approval is the debt-to-income ratio - and I know this because of the research I've done and what the mortgage broker told us.
  3. I'm not entirely sure what the difference between MIP and PMI is, except that they seem to often be confused (including by me). But I definitely have MIP, and was definitely required to take it (at least so I was told) to get a mortgage a few years ago (when I was only 3 - 4 years out of my Ch. 7 bankruptcy). And it seems I was also required to put 20% down in addition, plus have my parents on the mortgage. I'm thinking not all of those would have been required but possibly because I'm self-employed and therefore don't show a lot of income, plus the Ch. 7 bankruptcy being relatively recent
  4. I currently have an FHA mortgage with an additional Mortgage Insurance Premium (MIP) on it each month. I took out the mortgage in late 2016, and at the time was only a few years out of a Chapter 7 bankruptcy. From what I recall, in order for me to be included on the mortgage and the deed (and be able to get it), I had to take out the mortgage with my parents and put down 20% and have MIP as part of the mortgage. In hindsight, I probably should have waited a few more years. I'm trying to figure out a way to refi right now in order to at least get rid of the MIP. I'm almost at
  5. I make the monthly payment to PennyMac, but I think it's an FHA mortgage. I'm pretty sure this was the only option the original mortgage company said I could do since I had the bankruptcy in my past (even though I was putting down 20% and had my parent co-signing and going on the mortgage with me).
  6. Hi, I'm hoping someone that has more knowledge about mortgage options than I currently have can point me to some possible options. A little less than two years ago (Dec, 2016) I purchased my first home for $433,600. I put down 20% up front, but because I had a personal bankruptcy (Chapter 7) in 2013, I had to get my parents to go in on the mortgage with me, and also am now paying some kind of mortgage insurance lumped in with my monthly payment (MIP? PMI?). I'd love to be able to lower my monthly payment (potentially by removing whatever the mortgage insurance is th
  7. Yes on DW. Did you do a 623 dispute with the OC's after verification came back from the CRAs? You might want to call them and say something like, "so you're reporting that I failed to pay this account and it was IIB, remind me why I'm still making current payments on it, shouldn't I just stop paying because it was discharged according to you?" Maybe that will motivate them to correct their reporting. As I understand it, if it was really IIB, then you are done paying it, the debt is discharged. Maybe you can get OC to send you a letter saying it is IIB and you are done? Are they sending you b
  8. Menta33 - thanks for the reply. First off, can I ask what DW means? As far as disputing with CRA and original creditors - I have tried both of those routes already with varying levels of success. It seems like the private loan creditor might actually be making the appropriate changes (or so they've told me - I haven't pulled a new credit report yet). However, I just had a phone call earlier today with the state student loan people, and they basically said "no way" to ever removing the IIB notation from their tradeline on my credit reports (and thereby removing it as a negative/adverse a
  9. I filed a BK back in February of 2013 and it was discharged in June of 2013. I am now in the process of trying to clean up my credit reports. At the time of my filing, I hired a BK attorney and he had me include all of my creditors in my BK (including those that I knew would not be discharged, such as student loans). I am not sure, but it's possible that I might legally be required to include all of my creditors in a BK (at least in my state of NJ). Anyway, as expected, the student loans were not discharged (even though the discharge order from the court makes no mention one way or another
  10. I'm just wondering what obligation (legally speaking) the credit bureaus have in removing incorrect/inaccurate information - specifically when the information is incorrect or inaccurate, and yet after disputing this with the credit bureaus they still keep it on the credit reports (either because they stated they received confirmation from the creditor it was accurate or for some other reason). And is there any recourse aside from a lawsuit? Or is a lawsuit against the credit bureaus even allowed when they won't remove incorrect/inaccurate information, or do you have to sue (or otherwise
  11. Last year I had to file for Chapter 7 personal bankruptcy. Having never done this before, I retained a bankruptcy attorney that I assumed would be an expert in doing this. While the bankruptcy was discharged without any real difficulty, it seems as if the instructions and assistance he provided had some serious flaws in them, including: - instructing me to include all accounts in my bankruptcy - I'm not sure if this was the correct thing to do, especially since now accounts that I had a $0 balance with and could have simply closed are showing on my credit reports as "included in bankruptcy" a
  12. So I was hoping for some guidance about getting a credit card to start rebuilding my credit after bankruptcy. Here's the info: - Declared personal (Chapter 7) bankruptcy at the end of Feb, 2013 - it was discharged in June 2013 - I included the following banks in the chapter 7 bankruptcy: Bank of America, American Express, Barclays, Chase, Citibank, and Sears (not all of these had active accounts with balances I owed, but my bankruptcy attorney had me include everything) - I pulled my credit reports a few months after the bankruptcy was discharged and then begin correcting what I could on th
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