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West Asset


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I really need advice from my CB posters. :dntknw::cry2::cry2:

 

I'm scheduled to close on a house Aug. 2, with not so great fico scores, but high enough to get me the loan

EQ-594 TU-584 EX-575. My mortgage broker adviced me to payoff a debt for Chev. that was 6yrs. old. (2000) I didn't want to do it bcz it would have fallen off soon but by doing so I did get a little boost, bcz recently they were reporting each month giving me a neg. hit.

 

Yesterday I get an alert that there is a new collection reporting from: West Assest for a sprint acct. in the amt. of $300. As you all know I got a neg. hit from experian. Now my fico is EX-555. My question is before it hits EQ & TU should I pay this off. NO I don't owe it but I'm afraid that my fico scores will drop for the other two credit bureaus if its reported.

 

Which is better- disputing and hoping its removed before closing(reading the credit board I'm in for a fight this this CA) or paying it to stop the ding on my fico, eventhough its not mine.

 

If I had more time I would just dispute until removed(by the way I never received a notice of the debt from this CA or sprint). I know how disputing an item can go(most of the time the credit bureaus pretend to verify the info.)

 

Please if someone can give advice, especially any brokers or lenders on here I would appreciate your response. How will it hurt me on my reports paying for something thats not mine? Thanks

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First off, this could be a moot point if the lender is not going to repull credit prior to closing. In addition, about 90% of subprime lenders don't give any weight towards cell phone collections (or medical if you're curious).

 

Consult your loan officer to see what would be required with this new information, but don't be surprised if he says don't worry about it. Or you can find out who the lender is and one of the pros may know whether or not it will affect closing.

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VA Loan Guy: Thank Thank Thank YOU. :cry2:

 

 

I'm so nervous right now. I would love to know why they don't worry abt. cell phone collections, but right now I'm thankful that you answered my question. Hopefully there won't be another pull. We shall see. :dntknw:

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Because they are becoming the bane of our very existance. They consistently charge bogus fees, don't honor warranties, and their billing and customer service departments are usually clueless. Most people who have collections are like yourself where the debt is most commonly not legitimate.

 

Ignoring cell phone collections has been commonplace for about a year and a half now in the subprime world. The three I use most, don't give them any weight and I know of several more that just don't care. It probably has to do with most of the underwriters and investors just getting sick of the cell phone companies themselves. :dntknw:

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VA Loan Guy

 

Thank you again for a quick response. I've learned something new, so if my broker tells me to pay this debt thats not mine, I can refuse knowing that there are lenders that will over look this. I'm feeling much better now.

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Update! Just found out today that it looks like I might have to payoff West Asset. Rep from Opteum pulled my credit reports and low and behold West Asset dropped my scores down to the 577 range from the 594 and 584 midscore. Now my broker says he will shop another lender to receive 90% LTV. WTF. I was told I was approved for 100%. The broker mentioned that he told the rep. that I was disputing trade line, but with him saying he's going to shop around, sounds like I'm not getting this loan.

 

I think that I'm real stupid at this loan game. I was told that I was approved by this mortgage co. and they sent an approval letter to the sellers. I signed my contract on July 3rd w/a closing date scheduled for Aug. 2

I find out that I should have been given a GFE 3 days after I applied for the loan. Didn't get one. The broker waited until today to actually submit my loan to Opteum (my bag, he sent the info last tues., but didn't hear from the guy until today regarding my loan), seems that this Opteum guy was out of town and failed to let anyone know this.

 

So let me see, I applied for a loan on July 3rd, received no GFE as of this date, had an approval letter sent to the sellers realtor, had my fico scores dropped based on a cell phone from sprint that i don't owe, will need to take more than 30 days to dispute, bcz everyone knows that CB's don't really verify disputes, I"m out of $200 for an inspection. Why would a broker wait 2 1/2 weeks to shop a loan after saying I was approved. Why is Opteum focusing on a cell phone bill that I read was overlooked by the underwriters. I feel like I need to run from this mortgage broker. I feel like I have been treated like crap. I spoke to my realtor to ask her to cancel my contract tomorrow bcz I'm not having a good feeling abt this loan. She said that she would submit the notice to cancel. She also said that she felt my pain and understood. Problem is she is the girlfriend of the broker. I feel like I have been screwed in this entire process.

 

PLEASE somebody/anybody tell me that I'm not paranoid abt being screwed over. I've read this board and I feel that a lot of things point to a shady or incompetent mortgage broker. Is it or is it not a rule that you receive a GFE within 3 days, and if you are approved doesn't that mean that a lender has accepted your application?

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Update! Just found out today that it looks like I might have to payoff West Asset. Rep from Opteum pulled my credit reports and low and behold West Asset dropped my scores down to the 577 range from the 594 and 584 midscore. Now my broker says he will shop another lender to receive 90% LTV. WTF. I was told I was approved for 100%. The broker mentioned that he told the rep. that I was disputing trade line, but with him saying he's going to shop around, sounds like I'm not getting this loan.

 

I think that I'm real stupid at this loan game. I was told that I was approved by this mortgage co. and they sent an approval letter to the sellers. I signed my contract on July 3rd w/a closing date scheduled for Aug. 2

I find out that I should have been given a GFE 3 days after I applied for the loan. Didn't get one. The broker waited until today to actually submit my loan to Opteum (my bag, he sent the info last tues., but didn't hear from the guy until today regarding my loan), seems that this Opteum guy was out of town and failed to let anyone know this.

 

So let me see, I applied for a loan on July 3rd, received no GFE as of this date, had an approval letter sent to the sellers realtor, had my fico scores dropped based on a cell phone from sprint that i don't owe, will need to take more than 30 days to dispute, bcz everyone knows that CB's don't really verify disputes, I"m out of $200 for an inspection. Why would a broker wait 2 1/2 weeks to shop a loan after saying I was approved. Why is Opteum focusing on a cell phone bill that I read was overlooked by the underwriters. I feel like I need to run from this mortgage broker. I feel like I have been treated like crap. I spoke to my realtor to ask her to cancel my contract tomorrow bcz I'm not having a good feeling abt this loan. She said that she would submit the notice to cancel. She also said that she felt my pain and understood. Problem is she is the girlfriend of the broker. I feel like I have been screwed in this entire process.

 

PLEASE somebody/anybody tell me that I'm not paranoid abt being screwed over. I've read this board and I feel that a lot of things point to a shady or incompetent mortgage broker. Is it or is it not a rule that you receive a GFE within 3 days, and if you are approved doesn't that mean that a lender has accepted your application?

 

WOW Sorry this has happen to you. Bumping for more responces for you.

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credit, bkinco and VA Loan Guy thank you all for responding, especially credit & bkinco for their bumps. Only VA, Cedski and one more sorry cant remember his logon name usually respond to my questions. I'm from florida and I've never had fl tan welcome me or respond to any of my post other than one where he chastised me for not being patient on a response. This time I did notice he responded to someone else's post early this morning but I'm getting use to no luv frm him.

 

Right now I am sick to my stomach. School is abt to start soon and now I'm late registering the kids to get a good school choice bcz I trusted a broker who for almost 3 weeks did nothing on my behalf. My realtor(his girlfriend) said that she also read somewhere that you are suppose to receive a GFE within 3 days of applying. If my loan couldn't be done, then why did his office submit an approval letter to the sellers.

 

 

Why would he allow the rep to pull my credit again for a pre-qual when the credit report pulled by the broker was within 30 days? I don't understand why a pull was done, before notification of the pre-qual. Its bad enough I have this dispute to deal with (which by the way I'm tempted to pay it just to make it go away, so that I can get the mortgage. But something deep down inside of me feels awkward abt paying something i DON'T OWE.) Its like they know I'm trying to get a house.

 

OH and the icing on the cake is that on tv last night I saw where in the area that I'm trying to get my house, the percentage of foreclosers have gone way up bcz no one wants to provide insurance. Anyways thanks to anyone reading my chants, off to bed I go, I need more tylenol pm. :grin::cry2:

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