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  1. Hi, all. Turns out, UE can NOT be considered for a mortgage. We've talked to several banks/CUs and applied at one. Furthermore, the company that called me back to work can't guarantee a 40-hour week -- far from it, in fact. I've decided to go ahead and file for SS which will cut my average salary for the last few years by 350%. Ouch. I will get a PT job (happily unrelated to the industry in which I've been employed) to supplement my meager SS. (Spouse is younger and has another 10 years until retirement.) So now that we're officially po' folks, we're pretty much out of options. Buy land, pay that off and get a manufactured home? Stay put in a house that needs a TON of repairs (35-40% of its appraised value) yet is in a great area and has 85% equity... and then...? This really sucks. I thank you all for your help. This turned out to be a much, MUCH more complicated issue than was initially presented. Hegemony, I believe your advice to just WAIT was on the money.
  2. I sure hope they'll accept my documentation. I did the math, and at the 43% mortgage-to-income ratio, we qualify for three times the amount of this mortgage, including tax, insurance, and rounded up to the next $100. It's a no-lose proposition for a lender, but I understand that rules are rules. I'd sure hate to.see this house get away. Thanks so much for all your input. If anyone else has anything to add, please jump in. We can use all the help we can get.
  3. One more thing: does it matter which lender we choose, such as the CU where we have credit, or a bank, or Rocket, etc., or are the lenders all bound to the same FHA rules?
  4. Thank you so much for your advice. I can easily show UE income and can contact my employer for that letter. (I actually have the email calling me back to work; would this suffice, in your opinion?)
  5. The co-signer actually offered, in the interest of keeping the house in the family. Needless to say, we would rather do it on our own. The waiting part is risky, due to the property having other interested parties. (Is being sold by a relative who wants to sell asap.) We were just fortunate to be promised first shot at it. Yes, I have been on full UE. Do lenders look at that, though? Being a temporary source of 'income,' I assumed they wouldn't. ETA: Yes, I can get such a letter from my employer.
  6. My spouse and I are trying to get (preferably) FHA financing for a house. It would be a small mortgage loan by almost anyone's standards. We have a few credit cards, but we PIF and neither of us carries credit card debt. There is one car loan between us with perfect payment history. We are recovering from old credit issues and have scores in the mid-600s. We both have savings. Here's the problem: I make the majority of our combined income and have W2s and tax returns for the past several years. However, unlike my spouse, I have been on leave from my job due to COVID-19 and cannot produce check stubs. I have finally been called back to work, but that is over a month away. We do have a co-signer available but were told we still have to qualify income-wise, and that can't be done without check stubs. Please offer any advice you might have! We can't let this property get away from us. Thank you!
  7. P.S. Do I send the letter certified or just regular mail?
  8. This is great information, Centex. Thank you very much. I have been in TX for years, so I'm good to go there. I just noticed that the last four digits of the original acct # shows on their letter but on the credit report, all BUT the last four digits show. Also, the dollar amts don't match exactly. I am assuming it is the same account, tho. The letter also doesn't include the usual verbiage about the debt being too old to report or sue for, which was disturbing.
  9. Thank you. Should I contact them or wait to see if they send anything else? Does them taking over the debt re-set the SOL or are they bound to the original SOL? Thanks again.
  10. I received a collection letter from Rausch Sturm on behalf of Portfolio Recovery for an old credit card debt (~$2K). Last pmt made in 2012. Fell off reports over a year ago. Can they successfully sue? I'm in TX, if that matters. Thanks much for any info.
  11. Thank you. I appreciate the input. I think I'll ditch them. They bug me.
  12. I vowed that this time in my rebuilding efforts I wouldn't have any toy and/or store cards -- then I caved and got two store cards and a gas card. I have five other unsecured rewards cards whose CLs are several times what these are. (All cards acquired within the last three years.) I'm wondering if I should just go ahead and bite the bullet and close the three store/gas cards. I see no reason to keep them since I don't use them, and I figure if my scores are going to take a hit, I might as well get it behind me asap. Thanks for any advice.
  13. Thank you for your input. I will hang onto them.
  14. After reading references to "toy cards," it occurs to me that I am a bit of a schmuck. I have seven cards, all opened between six and 18 months ago. I have a store card and a gas card with $300 limits. I can live with that, but I also have four cards (two Cap1, local CU, and Discover) that each have $200-$500 limits. My AMEX Delta Gold is my biggest CL, at $1000. My FICOs all hover around 640. I am really tempted to ditch some of these cards and just take the FICO hit to be rid of them. Is this wise? I always PIF, don't use them much anyway and can't seem to get any CLIs out of them. Please advise, and thank you.

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