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Gustan
AdministratorAugust 22, 2024 at 9:21 pm in reply to: MEET CHASE-THE LONG-COAT GERMAN SHEPHERD -
Gustan
AdministratorAugust 22, 2024 at 7:15 pm in reply to: CAN JUDGMENTS BE DELETED OFF YOUR CREDIT REPORTYes, credit report judgments can be removed, but they are on a case-by-case basis. Below are steps to help you. However, if the judgment is valid and you get it removed from your credit report, it will be discovered when you apply for a mortgage loan. Judgments are public records. Lenders will run a tri-merger credit report when you apply for a mortgage. Initially, lenders will go off the credit tradelines and other data that report on the tri-merger credit report. However, as the loan application proceeds through the mortgage process, mortgage underwriters will order a third-party public records report on all borrowers. This means public records that do not report on credit reports will be discovered with the public records background check. A public records discovery of a judgment must be addressed before the mortgage process proceeds.
Check the Accuracy of the Judgment
Firstly, look for mistakes in your credit records regarding judgments. Examples include wrong amounts, dates, or whether they should no longer be included in your report. If any inaccuracies are found, these errors can be disputed with bureaus, and if successful, this might lead to the removal of the judgment.
Dispute with Credit Bureaus
When judgment is incorrect or does not belong to you, you file a complaint against that particular item at all three major national consumer reporting agencies, Experian, TransUnion, and Equifax, responsible for keeping records about an individual’s borrowing history. The agency will conduct investigations into disputed items, during which they must verify everything within one month, so failure on their part would mean always deleting such information from your record.
Negotiate a Settlement
If it turns out there was indeed a valid judgment against you, then try negotiating with creditors to settle the debts owed by coming up with some agreed payment plan over a certain period, after which you may request filling out a satisfaction of judgment form through the court clerk’s office, followed by notifying relevant bureaus update reports showing either satisfaction or total deletion thereof depending on circumstances having been met.
Vacated Judgments
Whenever a court overturns its decision regarding any case, including those related to debt collections, known as vacating judgment orders, forward copies reflecting this new development alongside a cover letter stating reasons why I should remove such details from my file straight away, just like they never existed before, thus leading towards their eventual erasing completely.
Credit Repair Companies
Though they cannot promise a 100% success rate in getting rid of legal judgments passed against someone, their assistance might still prove critical, especially where dispute resolution becomes tricky. Hence, it is advisable to seek help from reputable firms who abide by CROA rules throughout all interactions between parties involved at different stages during the entire process.
Important Note:
In 2017, credit reporting agencies stopped including judgments on credit reports due to changes in federal law. This means that if a judgment appears on your report, it is likely because the creditor or credit bureau made an error or used older reporting methods.
Impact on Mortgage Qualification
Removing a judgment from your credit file may improve your chances of qualifying for a mortgage. This will raise your scores, reducing the lender’s perception of your riskiness when lending money. However, if the judgment that has been deleted is still valid, then it will get discovered when the mortgage underwriter does a national third-party public records background check. As we covered earlier, a deleted public record such as a judgment will get discovered by mortgage lenders and needs to get addressed before the mortgage loan process continues.
It is always best to consult with professionals like attorneys specialized in finance matters or certified credit counselors before taking action. They can provide guidance tailored to individual circumstances, thus ensuring a positive outcome.
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Gustan
AdministratorAugust 22, 2024 at 7:07 pm in reply to: MEET CHASE-THE LONG-COAT GERMAN SHEPHERDMore pictures and videos of Chase.
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Gustan
AdministratorAugust 22, 2024 at 7:00 pm in reply to: HUD Guidelines on NEW MANUFACTURED HOME With LAND AND CONSTRUCTIONWhen you buy a new manufactured home with land and construction using FHA-insured financing, specific HUD guidelines must be followed. Here is a summary:
HUD Guidelines for New Manufactured Homes with Land and Construction:
Eligibility Requirements:
Property Standards: The manufactured home should meet HUD’s minimum property standards, which include being permanently attached to a foundation that meets FHA requirements. The foundation must also comply with the Permanent Foundations Guide for Manufactured Housing in HUD Handbook 4930.3.
Manufactured Date: The house must have been constructed on or after June 15th, 1976, and bear a HUD Certification Label affixed to it somewhere (“HUD tag”) stating compliance with HUD Code standards.
Primary Residence: Borrower must use this property as their primary residence.
FHA Loan Types:
FHA Title II Loan (Single-Family Housing): This loan can be used to purchase both the manufactured home and the land on which it sits. However, the house has to be placed on a permanent foundation and classified as real estate.
FHA Title I Loan: This loan is commonly used to buy only the manufactured home without any land involved in the transaction, though less frequently than when land is included.
Combination of Land and Home:
Suppose you’re buying new land and your new manufactured home at once. In that case, loans must cover both these things by financing the acquisition cost of real estate and the costs related to building on permanent foundations. So before closing deals, houses should be fixed onto lands bought together into one parcel.
Construction Standards:
You must use brand-new, never-occupied mobile homes that are built according to local zoning laws and lot size restrictions and placed on lots meeting community development ordinances.
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Gustan
AdministratorAugust 22, 2024 at 6:52 pm in reply to: MEET CHASE-THE LONG-COAT GERMAN SHEPHERD -
Gustan
AdministratorAugust 22, 2024 at 5:15 pm in reply to: CAN I GET A MORTGAGE WITH JUDGMENT OR DO I NEED TO FILE BANKRUPTCYWhether a mortgage can be obtained with a judgment against someone depends on several things. Here are some possibilities:
Getting a mortgage with a judgment:
Though possible only if you paid the judgment, settled with the judgment creditor, or have a written payment plan with the judgment creditor, it’s not easy to do. Most lenders see judgments as a major derogatory item. Applicants with judgments may be required to pay high interest rates and larger down payments. Most lenders demand you pay off or settle the judgment before approving your mortgage.
Options if you have a judgment:
Pay off the judgment: This is often the cleanest solution.
Negotiate a settlement: You can settle the judgment for less than the full amount.
Get the judgment vacated: If the judgment was entered in error, you may be able to have it removed from your record.
Wait for the judgment to expire: Judgments typically expire after several years, though this varies by state.
Bankruptcy as an option:
Filing for bankruptcy can discharge certain judgments, but it’s an extreme step with serious long-term consequences. Bankruptcies severely damage credit scores and stay on credit reports for 7-10 years. Afterward, you may need to wait two to four years before being eligible for another mortgage, depending on the kind of loan you want and which program it falls under.
Considerations before deciding:
- Look at how much money is involved in your overall financial picture.
- Take into account where your current credit score stands and what other debts you have.
- Evaluate income stability and ability to make mortgage payments now vs later if different.
Alternative mortgage options:
- FHA loans may be more forgiving about past credit problems like judgments (or bankruptcies).
- Some non-traditional lenders might work with borrowers who’ve gone through bankruptcy proceedings or had judgments awarded against them.
Remember that each situation is unique. Therefore, I suggest speaking with a licensed loan officer who can review your file in detail.
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Gustan
AdministratorAugust 22, 2024 at 5:05 pm in reply to: Mortgage Approval With Late Payments After Bankruptcy and ForeclosureYes, a gift of equity can be used on an FHA purchase. Nonetheless, it is planned to pay the down payment and closing costs. However, some limitations exist when using a gift of equity to discharge debt as part of the transaction.
Here’s what you need to know:
FHA Guidelines:
Down Payment and Closing Costs: The gift of equity may cover a minimum of 3.5% of the purchase price for the down payment and closing costs.
Payoff of Debt: While not explicitly prohibited by FHA guidelines, gifts used for this purpose are less common and may be subject to lender approval or denial based on their own policies; also, if it helps reduce borrowers’ DTI ratio so that they can qualify more easily with their income level, then some lenders might allow it, too.
Lender Requirements:
The lender must ensure that all documentation surrounding gifted equity is accurate. This includes, but is not limited to, an executed letter stating no repayment terms are expected. This is because these funds were given as outright contributions towards ownership interests rather than loans made repayable in cash or kind.
Lenders must also consider whether allowing gifts from sellers’ equities to offset other debts would violate applicable FHA rules. They follow those rules internally before determining whether such action aligns with them.
Approval Process:
Debt payoff through seller contribution credit should be discussed early during negotiations between the buyer & seller parties involved. Additionally, prior written consent must be secured from the prospective mortgagee after reviewing proposed agreement details against established criteria within relevant sections in applicable Federal Housing Administration (FHA) guidelines.
So, in brief:
Ultimately, gifts of equities are most commonly used as down payments or for paying off closing costs when purchasing with an FHA loan. Still, depending upon each mortgage company’s policy, sometimes even debts can be repaid through this method.
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Gustan
AdministratorAugust 22, 2024 at 4:53 pm in reply to: Can I get a mortgage without a credit score?Yes, it is possible to acquire a home loan without a credit score; however, the process differs from a traditional mortgage application. Here’s how you can get a mortgage without a credit score:
Manual Underwriting:
What is Manual Underwriting? Manual underwriting means that instead of relying on your credit score, the lender will look into what they consider more relevant, which is your financial situation. In this case, other factors are considered to determine whether you are worthy of being given credit. Examples include payment history for bills and rent, among other obligations.
Qualifying Factors: To be eligible for a manually underwritten mortgage, you must have established a strong financial track record, which includes.
On-Time Payment History: Provide proof that you pay rent, phone bills, insurance premiums, and utility bills on time every month.
Consistent Income: Show that there have been steady and regular earnings by producing pay stubs, tax returns, and bank statements.
Low Debt-to-Income Ratio (DTI): Lenders would look to see if your monthly debt payments are at most 43% of gross monthly income. Anything lower than this is considered better. Given their leniency with other aspects, this is because it implies less risk for them. The DTI ratio compares one’s debts against one’s earning ability.
FHA Loans:
FHA Loan Options: FHA loans may still work through manual underwriting FHA loans may still work through manual underwriting if you have a traditional score or even a non-traditional history. Manual underwriting allows for a more flexible approach to credit history checks, provided all other requirements are met.
Alternative Credit Data: Some FHA lenders consider alternative information during evaluation. Examples of alternative information include rental or utility payment history indicating that one can responsibly manage one’s debts. In response, these things are included in what they consider during their review exercise.
VA Loans:
VA Loan Eligibility: VA loans don’t require one to have any ratings from crediting institutions. Hence, being a veteran service member alone can make you eligible for VA loans. This is because the Department of Veterans Affairs backs them and has less stringent rules regarding credits before approval is granted.
Alternative Credit Considerations: Just like for FHA loans, some credit officers may consider alternative information such as rent or utility payments when manually underwriting your VA loan.
USDA Loans:
Rural Property Eligibility: A USDA loan is designed for individuals with low to moderate income who wish to buy homes in rural areas without a score. Manual underwriting can still be done on USDA loans. This is because the information provided meets all other criteria.
Non-Traditional Credit Verification: Non-traditional credits that could be verified through rental history, among others, could be used by a USDA lender to assess whether or not you deserve the loan.
Non-QM Loans:
Flexible Requirements: Nonqualified mortgage (non-QM) products typically have more relaxed conditions. Due to flexible mortgage requirements, non-QM loans make accessing loans easier for people without scores through this channel. However, this does not mean that if such were created, all conventional financing options would close up shop overnight. Lenders tend to have different policies on how to handle things like this, so shop around first.
Higher Interest Rates: Besides having higher fees attached, non-QM mortgages also tend to attract slightly raised interest rates. Therefore, do a thorough cost-benefit analysis before settling for any particular offer.
Building a Non-Traditional Credit History:
Document Regular Payments: Record keeping should always be included during manual underwriting. This is so that each regular payment is made, whether it’s rent or utilities. It is documented because lenders use these records to determine one’s creditworthiness.
Secure testimonials: Request references from landlords or other service providers who can confirm your timely bill payment habits.
Using a Mortgage Broker:
Finding the Right Lender: Mortgage brokers know lenders that give loans based on factors other than credit ratings. They also assist with manual underwriting by advising on what documents to collect.
In summary:
Getting a loan without a credit score may be more difficult, but it is still possible through manual underwriting and alternative credit information. What matters most is showing financial responsibility through a history of making agreed-upon payments and a steady income. And they are also keeping the debt-to-income ratio low. Moreover, an established lender or mortgage broker will make the process faster for you.
Please let me know if there’s anything else I can assist with or if you have any further queries!
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Gustan
AdministratorAugust 22, 2024 at 2:04 am in reply to: CAN I GET APPROVED FOR MORTGAGE IF I GET BANKRUPTCY DELETEDIf you delete collection accounts, charge-off accounts, late payments, or other non-public reporting derogatory credit tradelines, those do not matter and it will not be triggered during the public records search. Only public records will get discovered even though it is not on the credit report or has been deleted.
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