Posted on: 24th Nov, 2008 02:25 pm
Hello. Great website.
April/May of this year, my wife and I applied for a loan at texaslending.com, a broker. During the approval process, we were asked about an item on my wife's credit report. The item was from an apartment complex she had lived prior to meeting me back in 2001. This item has a zero-balance...and, technically should have fallen off last month as it is 7 years old.
texaslending.com asked for the payoff statement in order to be approved for the loan...all the apartment corporation would provide was a letter stating the balance was PAID IN FULL and had a zero balance. This wasn't good enough for them, so they kept asking for a payoff statement.
A couple of weeks go by and we are told we are approved for a loan and not to worry about the payoff statement. We close on the house and have been living in it sine June 1st, 2008.
I received a phone call from texaslending.com today asking us to supply them with a payoff statement for the credit item as they are having a problem insuring the loan with HUD.
I told my wife to contact the apartment corporation again to have them remove it off of her credit. I also told her to run another credit check to see if it had fallen off.
After all of that background, my question is: What can I expect to happen if for some reason HUD won't insure my loan? Will texaslending.com get stuck with the loan or will HUD demand the loan be foreclosed on. And, if so, don't I have quite a case to back myself up to sue texaslending.com?
I just want to be happy in my home with no problems. We are very happy to be living in a house...we'll do what we can to help texaslending.com out. But, sounds to me like they got audited.
What do you think?
April/May of this year, my wife and I applied for a loan at texaslending.com, a broker. During the approval process, we were asked about an item on my wife's credit report. The item was from an apartment complex she had lived prior to meeting me back in 2001. This item has a zero-balance...and, technically should have fallen off last month as it is 7 years old.
texaslending.com asked for the payoff statement in order to be approved for the loan...all the apartment corporation would provide was a letter stating the balance was PAID IN FULL and had a zero balance. This wasn't good enough for them, so they kept asking for a payoff statement.
A couple of weeks go by and we are told we are approved for a loan and not to worry about the payoff statement. We close on the house and have been living in it sine June 1st, 2008.
I received a phone call from texaslending.com today asking us to supply them with a payoff statement for the credit item as they are having a problem insuring the loan with HUD.
I told my wife to contact the apartment corporation again to have them remove it off of her credit. I also told her to run another credit check to see if it had fallen off.
After all of that background, my question is: What can I expect to happen if for some reason HUD won't insure my loan? Will texaslending.com get stuck with the loan or will HUD demand the loan be foreclosed on. And, if so, don't I have quite a case to back myself up to sue texaslending.com?
I just want to be happy in my home with no problems. We are very happy to be living in a house...we'll do what we can to help texaslending.com out. But, sounds to me like they got audited.
What do you think?
Hi Guest!
Your wife should first contact the apartment corporation and see if they have removed it off from her credit. If they have removed it, then there will be no issues. But if its still showing in her report, then she will have to get a letter from the apartment corporation and update her credit report in the credit bureau.
If HUD doesnt insure the loan, then your loan can get canceled. You will not be able to sue texaslending.com because your wife hasnt updated her credit report and that is not a fault of the lender.
Thanks.
Your wife should first contact the apartment corporation and see if they have removed it off from her credit. If they have removed it, then there will be no issues. But if its still showing in her report, then she will have to get a letter from the apartment corporation and update her credit report in the credit bureau.
If HUD doesnt insure the loan, then your loan can get canceled. You will not be able to sue texaslending.com because your wife hasnt updated her credit report and that is not a fault of the lender.
Thanks.
We have a letter showing a zero-balance, but, contacting the credit bureau and showing them the letter won't get it removed from the credit report. Correct?
Do we ask the apartment corporation to remove it from our credit or should we have the entry contested...investigated, then removed by the bureau?
Thanks.
Do we ask the apartment corporation to remove it from our credit or should we have the entry contested...investigated, then removed by the bureau?
Thanks.
Hi Guest
I think you should first contact the apartment corporation and ask them to speak to the credit bureau and get it removed from your report. In case, they do not do it, then you can directly contact the credit bureau with the letter.
Thanks.
I think you should first contact the apartment corporation and ask them to speak to the credit bureau and get it removed from your report. In case, they do not do it, then you can directly contact the credit bureau with the letter.
Thanks.
enough foolishness...you dealt with a profoundly challenged lender, it would appear. contacting the apartment complex is a waste of time - you've already done all that can be done with them. they can't do any except give you what they've given you in the past.
your best step is to check with equifax, trans union and experian - the three major credit repositories - to see if the item has been updated properly. if not, you have the right to fix that; and you have the documentation from the apartment to do it with.
your best step is to check with equifax, trans union and experian - the three major credit repositories - to see if the item has been updated properly. if not, you have the right to fix that; and you have the documentation from the apartment to do it with.
Thanks for everyone's help on this. I really appreciate it. Turns out, the judgment in question was shown in a separate section of the credit report (not a line-item). I found the judgment in one of the Justice of the Peace courthouses. We can now provide the apartment corporation with the judgment and they said they will draw up a Satisfaction of Judgment to be filed.
We will take this and mail it to the Credit Bureaus and have the credit report updated. This should clear everything up.
Thanks again!
We will take this and mail it to the Credit Bureaus and have the credit report updated. This should clear everything up.
Thanks again!