Posted on: 30th Mar, 2011 03:22 am
I'm trying to buy my first home, and know absolutely nothing abouty the process. I went to Lending Tree because I thought it would give me a list of mortgage brokers I could work with. I knew my credit was relatively good, and I had no negatives. Ten years ago my credit was a mess, but I had worked hard to get everything fixed, and my credit has been fine for the past few years.
I entered all my information, and received one lender lead. The lender turned out to be fine. I got pre-approved, found a house, my bid was accepted, and I was on the way. I use a credit monitoring service, so I knew my credit was clean. Everything seemed to be going fine, and when my loan officer went to submit my loan to the underwriter, he pulled my credit and there was a supposed $500 unpaid medical debt.
I knew this could not be my debt because it was from a time when I did not have insurance, and hadn't been to the doctor in years. This only showed up on one of my reports, the same one Lending Tree had pulled only a couple weeks earlier. When Lending Tree pulled it it was fine.
It completely derailed my plans to buy a house. I disputed it, and it was removed about 5 weeks later. By then, though, I had already lost the house I wanted.
Has anyone seen this before? Are there companies out there that get information from Lending Tree about people buying houses, and then put false information on their reports hoping they will just pay it to get it out of the way?
I entered all my information, and received one lender lead. The lender turned out to be fine. I got pre-approved, found a house, my bid was accepted, and I was on the way. I use a credit monitoring service, so I knew my credit was clean. Everything seemed to be going fine, and when my loan officer went to submit my loan to the underwriter, he pulled my credit and there was a supposed $500 unpaid medical debt.
I knew this could not be my debt because it was from a time when I did not have insurance, and hadn't been to the doctor in years. This only showed up on one of my reports, the same one Lending Tree had pulled only a couple weeks earlier. When Lending Tree pulled it it was fine.
It completely derailed my plans to buy a house. I disputed it, and it was removed about 5 weeks later. By then, though, I had already lost the house I wanted.
Has anyone seen this before? Are there companies out there that get information from Lending Tree about people buying houses, and then put false information on their reports hoping they will just pay it to get it out of the way?
Hi NewbieHomebuyer!
Welcome to forums!
There are times that such things happen. It is sad to note that you lost the house that you wanted to purchase. Well... it is difficult for me to say whether or not lending tree does any such things.
As you've resolved the dispute, I will suggest you to contact some of the other lenders and try to purchase a property. This community has a large number of lenders. You may even seek a no obligation free mortgage quote from them and check out whether or not you'll get the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There are times that such things happen. It is sad to note that you lost the house that you wanted to purchase. Well... it is difficult for me to say whether or not lending tree does any such things.
As you've resolved the dispute, I will suggest you to contact some of the other lenders and try to purchase a property. This community has a large number of lenders. You may even seek a no obligation free mortgage quote from them and check out whether or not you'll get the loan.
Feel free to ask if you've further queries.
Sussane
First of all the lenders who participate with Lending Tree pay an exorbitant fee to get leads from them. So basically there is no guarantee you will be contacted by the lender with the best rates and fees you qualify for.
That being said, if you had your credit files pulled to get pre-approved then I'm confused why the medical debt didn't show up at that time. Anyway, this seems to be just another potential problem maybe of going with a loan lead aggregator which is what Lending Tree is. I seriously doubt anyone just got the info from LendingTree and added a false bill to your credit report. By now you should already know who claimed the medical debt and why the mistake was made.
On the upside, in most areas home prices are still declining and there is an abundance of inventory available so you shouldn't have any problems finding another home at a very competitive price.
That being said, if you had your credit files pulled to get pre-approved then I'm confused why the medical debt didn't show up at that time. Anyway, this seems to be just another potential problem maybe of going with a loan lead aggregator which is what Lending Tree is. I seriously doubt anyone just got the info from LendingTree and added a false bill to your credit report. By now you should already know who claimed the medical debt and why the mistake was made.
On the upside, in most areas home prices are still declining and there is an abundance of inventory available so you shouldn't have any problems finding another home at a very competitive price.
