Buying A Home
stacyjen18
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Will credit disputes cost "not" getting our dream home?
We've had our pre approval early July. Found a home late July, seller accepted and have been in contingency since. The lender came back with some conditions, in those conditions were old accounts I had paid in 2012. I hired a credit restoration company for months, and could not get these removed so I canceled the services. A year later, when getting our pre approval, I find out my old accounts are showing a dispute comment on them. I've called and called to get these removed, but the creditors can only issue me a letter stating it will request to remove the disputes. I've called the bureaus and they said they can remove the disputes but can take up 30 days. I didn't have 30 days! Now the lender is asking for a letter of explanation and proof of satisfactory. Which I have for all accounts on their letter heads and signed....but will that be enough??????? I'm afraid my loan won't be approved because of these old disputes that were not taken off. Everything else is superb financially. I have no debt, paid my car off last year in November. Can they manually underwrite these disputes? Heartbroken and upset 
Re: Will credit disputes cost "not" getting our dream home?
but for now, I'd say you won't know until you try. Present the lender with all of the "in process" documentation that you can provide, and see if they'll work with it.
In a completely unrelated circumstance, for a while it looked like we wouldn't be able to get our windstorm insurance because after the roof was replaced, the application for the certificate was never submitted. It takes a month or two for the application process, and we didn't find all this out until 2 weeks before closing. BUT, the insurance company accepted the windstorm certificate letter of application. So all was well.....and you may have a similar situation on your hands, but you won't know until you give you lender all of the documents & explanations that you have available (or until somebody else gives a far better answer).
Give us an update once everything works out.
Caveat: All banks/underwriting are different. But I had a very similar situation happen to me and it worked out fine.
I had some ridiculous $100 collection on my credit report, that was 5 years old and wasn't even mine. But my bank wouldn't underwrite my home loan until I paid the collection and provided them proof. Now...get this...I called and called the collection agency to PLEASE call me back so I could pay off this collection. They never called me back!!! How is that for irony, lol. But I'm one week away from closing at this point, so I write a check and overnight it to their address. With a letter to PLEASE deposit it ASAP, since they can't be bothered to return my phone calls.
Still never responded to me, but the check went through my account the next day and I e-mailed the bank my proof of payment. That was all my bank needed and my closing went through just fine from there.