sebastiandstn
New Member
Hello everyone, first time poster here (be easy on me!).
So I'm mid-way through the purchase of our first home. I have a closing date on the home on the 25th of this month. I am applying for a VA loan through a small mortgage company.
Prior to last week, everything seemed dandy. Debt to Income ratio was fine, credit scores are acceptable, home appraised well, however I received a question from my loan specialist (question came from the underwriter). My scores (at this time) range from 690 to 760
Basically, the underwriter wanted to understand a collection that existed on my report - but here's the thing, the mortgage company submitted a report from April. A current report shows no collections.
The collection in question happen in 2003 and has been sold 3 times now. Its well past the SOL, and as of this month, its beyond the reporting phase (they can no longer add it to my credit reports).
I attempted to provide this updated information to my lender by; 1.showing them this months credit report that shows no delinquencies, and 2. showing them a "dispute results" directly from Experian showing no delinquencies.
My loan officer says this isn't enough. She needs to see proof that I do not owe the debt, and I have no idea how to get past this.
I'm hesitant to contact the collector, primarily because I don't want to restart the clock on SOL. Furthermore, with almost 2 weeks to close, I'm concerned resolving this debt 100% will delay my closing date. I've never contacted this collection agency, but from what I hear they have poor practices and I'm concerned I'll say the wrong thing and have it pop up on my report for another 7 years..
What should I do? Any help is appreciated!
So I'm mid-way through the purchase of our first home. I have a closing date on the home on the 25th of this month. I am applying for a VA loan through a small mortgage company.
Prior to last week, everything seemed dandy. Debt to Income ratio was fine, credit scores are acceptable, home appraised well, however I received a question from my loan specialist (question came from the underwriter). My scores (at this time) range from 690 to 760
Basically, the underwriter wanted to understand a collection that existed on my report - but here's the thing, the mortgage company submitted a report from April. A current report shows no collections.
The collection in question happen in 2003 and has been sold 3 times now. Its well past the SOL, and as of this month, its beyond the reporting phase (they can no longer add it to my credit reports).
I attempted to provide this updated information to my lender by; 1.showing them this months credit report that shows no delinquencies, and 2. showing them a "dispute results" directly from Experian showing no delinquencies.
My loan officer says this isn't enough. She needs to see proof that I do not owe the debt, and I have no idea how to get past this.
I'm hesitant to contact the collector, primarily because I don't want to restart the clock on SOL. Furthermore, with almost 2 weeks to close, I'm concerned resolving this debt 100% will delay my closing date. I've never contacted this collection agency, but from what I hear they have poor practices and I'm concerned I'll say the wrong thing and have it pop up on my report for another 7 years..
What should I do? Any help is appreciated!
