- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Mortgage holdup
Posted on 11/14/09 at 9:13 am
Posted on 11/14/09 at 9:13 am
My wife and I have credit scores in the 750+ range. Our debt-to-income ratio and debt-to-credit ratio are both great. The loan amount we are applying for is well below what our income could allow for. We are trying to finalize a VA backed loan, with a down payment, through our regular bank.
BUT, while finalizing the loan the underwriter tells me that a dispute on my credit report, that I filed back in 2002 upon closing an account that I paid in full is preventing the loan from being finalized. He told if I remove the dispute than the loan will be finalized. WTF?!?
BUT, while finalizing the loan the underwriter tells me that a dispute on my credit report, that I filed back in 2002 upon closing an account that I paid in full is preventing the loan from being finalized. He told if I remove the dispute than the loan will be finalized. WTF?!?
2
Posted on 11/14/09 at 9:15 am to martiansgohome
UW's are nervous as hell.
Posted on 11/14/09 at 9:21 am to prplhze2000
quote:
UW's are nervous as hell.
The account was being reported as 60 days late, 7 years ago. It doesn't show as being late now, and is not a "negative" account.
I don't understand how MY dispute about the way an account was being reported could be a reflection of my credit risk. Are they nervous I might file a dispute against them?!?
Posted on 11/14/09 at 9:40 am to martiansgohome
and I'm not even sure how to remove a dispute I put on my credit report. Or if it will be off before the 18 December closing date. Hell, why is the account still even reported? I thought after 7 years accounts dropped off...
Posted on 11/14/09 at 11:02 am to martiansgohome
quote:
I thought after 7 years accounts dropped off...
I could be wrong about this but I don't think they automatically drop off, you have to request removal. If it's 7 years or older they'll remove it. I think.
No idea how to help you with the dispute request though, I don't know enough about it.
Posted on 11/14/09 at 2:27 pm to foshizzle
contact credit bureau.
Posted on 11/14/09 at 5:09 pm to martiansgohome
i just had the exact same scenario, except I didn't actually file any dispute it was some type of mistake. It reported as "consumer disputes account information"
I tried informing the credit bureau i didn't dispute it, that didn't work. You have to call the cc or bank directly, they have to send a form to the Credit Bureaus saying there is no dispute. The Credit Bureaus will then take it off, BUT it won't show up immediately so you will need them to send a letter to mortgage uw saying it has been taken off. I'm in that part of the process now. Mortgage brokerage has received letter from Experian, but they also pulled an Equifax report and haven't received a letter from Equifax. Equifax says it was sent.
The mortgage people have given me until this coming friday to have it in or my rate lock is voided and I must submit a new application, mine is a refi so while annoying its not as bad as if i needed to close at a certain date.
I tried informing the credit bureau i didn't dispute it, that didn't work. You have to call the cc or bank directly, they have to send a form to the Credit Bureaus saying there is no dispute. The Credit Bureaus will then take it off, BUT it won't show up immediately so you will need them to send a letter to mortgage uw saying it has been taken off. I'm in that part of the process now. Mortgage brokerage has received letter from Experian, but they also pulled an Equifax report and haven't received a letter from Equifax. Equifax says it was sent.
The mortgage people have given me until this coming friday to have it in or my rate lock is voided and I must submit a new application, mine is a refi so while annoying its not as bad as if i needed to close at a certain date.
Posted on 11/16/09 at 2:52 pm to Cadercole
long and short of it is..you cannot have any disbuted trade lines and get a home loan. its a rule . the reason why is disputed trade lines are not counted against your DTI . so a customer could dispute a trade line just to qualify for a house. so thats the reason for the rule
Posted on 11/16/09 at 3:16 pm to Cadercole
Mine all worked out. so it can be done.
Posted on 11/16/09 at 3:18 pm to Cadercole
but you didnt file a dispute and the other guy did. so he will have to have that trade line taken out of dispute or not reporting ..
Posted on 11/16/09 at 3:48 pm to displacedhorn
quote:
long and short of it is..you cannot have any disbuted trade lines and get a home loan. its a rule . the reason why is disputed trade lines are not counted against your DTI . so a customer could dispute a trade line just to qualify for a house. so thats the reason for the rule
That makes sense, however, in my case the account is paid in full, closed in good standing, etc... This is obvious in the credit report.
Posted on 11/16/09 at 3:53 pm to martiansgohome
so it doesnt show disputed on the credit report?
Posted on 11/16/09 at 4:07 pm to displacedhorn
quote:
so it doesnt show disputed on the credit report?
The account is listed exactly how TransUnion and Experian show it (paid in full, never late, never over-limit, etc..., except this is included in the comments section:
"Account closed by consumer, Consumer dispute following resolution"
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News