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Everything posted by tiggerlgh

  1. lol how is this plan mortgage fraud? please explain What is the "gamble" you describe? The gamble is involving timing of reporting and doesn't involve any fraudulent intent and wouldn't be constituted as fraud by any court in the U.S. Again doesn’t matter what is reporting. Application asks for all debts, knowingly excluding debts = intent.
  2. Franklin? Do you mean Freddie?
  3. Another fact if this was going on it would have been caught by the tons of regulators looking at the banks OCC, CFPB, FRB, etc.) . They have so many people onsite constantly it’s crazy. They have looked at a ton of these loans as well and haven’t found discrepancies but that is because they have complete fact not assumptions.
  4. Like what for instance I’m really curious.. did you mention earlier let me go back and glance again. Sent from my iPhone using Tapatalk I was talking about it’s sadly true resumes in some instances get thrown out due to a name etc. it shouldn’t happen but it does. That is a far cry from mortgage underwriting.
  5. The examples above do occur. But are very different than the mortgage UW process that this article is talking about. This discussion has taken a left turn. Fact is it’s missing more than credit score as a key factor in decisioning.
  6. Credit application asks for all debts not debts listed on Credit report. You are talking about fraud not a }gamble”. Do not submit a fraudulent application. This plan won’t work. She needs to find a home she can afford or keep the home she has.
  7. Without saying too much about my job. I have worked for multiple mortgage banks in the past all have had a secondary review on all denials unless it’s an automatic denial (e. g. 400 FICO). Many denials also get other reviews by other groups as well. I have never seen Marvs example happen (based on name, etc). I am not sure auto denials get the same reviews as mortgages do. Not saying it can’t happen but it’s not wide spread in the larger banks. Maybe more in a small CU.
  8. STC never said what the other 70% was. If it’s like my neighborhood it’s Caucasian, Hispanic, Indian, etc. and I live in the Midwest. The fact is this article and others similar to it are missing very key components of the credit decision. Which means you cannot draw a correlation.
  9. The article does not show credit score. It’s a key factor in underwriting. Missing key elements does not prove a fact. Most banks have auto declines at certain scores. Sorry need a lot more evidence ETA I just read the comments on the article. They concur with my thoughts.
  10. Redlining definitely existed in the past. It’s why we have so many lending regulations now. There is not enough information in this article to say it’s still happening. I agree with the others who say you need the 3 Cs of credit to know that. Without that you can’t make a call on this.
  11. Was the loan originated or defaulted on 14 years ago? But yes if you can afford the payments based on your income they can deny rehab for a repayment plan.
  12. Do not dispute legit inquiries which this one is. Do get your paper reports prior to doing anything
  13. They should have responded it my guess is they don’t take credit cards. Why didn’t you just pay them by check? I see fault on both sides here.
  14. You don’t have any business expenses you can put on it?
  15. What is the punishment? Them getting the money owed? They aren’t on your reports and can’t be. BK will mess up your reports. What answer will make you happy? Many good answers in this thread ignored or tossed by your attitude.
  16. Fees will vary by bank. Many have an annual fee. But YMMV
  17. The first hit on FICOs hits really hard. The first 30 day late hits a clean file harder than most/all "baddies" on a file with any amount of dirt. I'd ignore Tigerlgh and do everything you can to get back to a clean file. Don't resign to the idea that this negative isn't so negative as another. I didn’t say it didn’t hurt. It does but NOT as much as a C/O. I also never said OP shouldn’t try to fix it. I don’t like my words twisted. OP should own up to their mistake and hope Barclays gives them some goodwill. But I wouldn’t count on it.
  18. If they “worked with everyone” who doesn’t pay their obligations they would A) be in violation of regulations as it would be hard to show consist treatment of all, UDAAP, etc. be quickly out of business or C) if they survived interest rates and fees would be sky high. They didn’t ruin anyone’s credit the customers did it to themselves when they didn’t make contractual payments. It’s not the creditors fault. The fees and charges are all published, communicated and agreed to by the customers.
  19. Did you have any negative equity rolled into your loan?
  20. Scam. I have gotten the same voicemail.
  21. Another question- were you paying at least the minimum due every month? What type of account is it? 9 years is a long time to pay on most debts.
  22. Huh? Aka,No I don’t see issuers will cut back on credit soon.
  23. Congratulations!!! Posts like yours are my favorite here on CB you put in the work and were able to pay down your debt without BK or losing your equity. So happy for you!
  24. And in those situations the creditors should cut back on credit. It’s to the customers and creditors benefit (limits continued risk for both) and helps keep credit available for those who are using it wisely, for lack of a better term. I don’t see credit going anywhere

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