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Having problems with mortgage

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Alright, I finally took the step and went to Suntrust to be pre-qualified. I gave the lady all of my information about me and my wife, she ran the credit reports, then asked me about the 2 judgments that are showing on my reports. I told her I knew what they were and I had paid them both in full. She told me before we can go ahead, I need a letter from each creditor showing that I have satisfied the judgment and my account with them. Do I really need this for just pre-qualifying? As I have understood in the past, I thought lenders required you to have them paid by closing? I am still awaiting letters from these 2 creditors and it seems to be taking forever. What is worrying me the most is that I have to let me landlord know by this monday July 31st if I am moving out at the end of September or not. I can just go month to month after the end of September, but they jack my rent to market rate which is $250 more than what I pay now. How long does it typically take to close? The mortgage loan specialist I have been dealing with told me as little as 2 weeks, but could take up to 90 days. Man I am stressed. I have really got myself in a predicament now. Sorry to vent, please help me!!!!!!!!!!

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Alright, I finally took the step and went to Suntrust to be pre-qualified. I gave the lady all of my information about me and my wife, she ran the credit reports, then asked me about the 2 judgments that are showing on my reports. I told her I knew what they were and I had paid them both in full. She told me before we can go ahead, I need a letter from each creditor showing that I have satisfied the judgment and my account with them. Do I really need this for just pre-qualifying? As I have understood in the past, I thought lenders required you to have them paid by closing? I am still awaiting letters from these 2 creditors and it seems to be taking forever. What is worrying me the most is that I have to let me landlord know by this monday July 31st if I am moving out at the end of September or not. I can just go month to month after the end of September, but they jack my rent to market rate which is $250 more than what I pay now. How long does it typically take to close? The mortgage loan specialist I have been dealing with told me as little as 2 weeks, but could take up to 90 days. Man I am stressed. I have really got myself in a predicament now. Sorry to vent, please help me!!!!!!!!!!

 

 

A good broker can get this in the form of a supplement from the company they use to pull credit. Unless Suntrust is doing something for you that nobody else can do........which is doubtfull........you may want to try somebody else that is willing to do a little work on your behalf.

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Suntrust told me that it is still showing unpaid on my credit report. They said once I got letters from my creditors in regards to the 2 accounts, I need to fax them to Suntrust, they will get with the reporting agencies and get them updated as paid. Does this sound right to you Cedski?

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Just a suggestion - If these are actual paid judgments, you can just obtain from the courthouse the filed warrant to satisfy. You should be able to get it in one day. If it's a local county courthouse you might even call and ask if they'll fax it to you.

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I'm pretty sure the county clerk's office is who you want to talk with. Not sure where you live, but small towns are typically same day. Larger areas can take a week or two.

 

As far as closing goes, it is really up to the agreesivness of the LO and their willingness to push the other pieces of the puzzle together.

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Check with the county clerk asap to see if a satisfaction of judgement has been filed. If not then this will give you leverage with the companies that hold judgement because they did not do what they are suppose to do. FAX the creditors immediately with a dispute to tradeline reporting and ask for them to update asap and fax back to you a letter on status of the update and reporting.

 

IF the satisafactions have been filed with the court then get a copy immediately and overnight to the credit bureaus with disputed. Also overnight to the creditors that they failed to update your tradeline and you want it deleted as a result due to not reporting correctly and in a timely manner. They may just update to paid but worth a try.

 

If for some oddball reason the judgements have not been paid in full then you can still proceed with the mortgage - know that these judgements will have to be settled in full at close of loan.

 

Once this is all in motion then get yourself a good mortgage broker! A good broker will be critical to your time line. My mortgage broker (found here) was able to close my home in 3 weeks but he had all the necessary paperwork in his office weeks in advance... his holdup was my selling my property in order to puchase a new one.

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