Buying A Home
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derog credit

Okay i just have a question: We are 2 weeks away from closing on our first home purchase WOO-HOO! and the underwriters have given us the green light but have come back with some debts of my husbands on his credit report that they want explanations for. Is there any way they could change their mind based on the answers and tell us we are no longer approved?!! HELP! i'm freaking out!!
Wedding Countdown Ticker RSVP date: WAS September 16th <117 Invited <img src=http://tinyurl.com/5okj57* />
77 Said Yes!! image
40 Don't want to have fun :(image
0 Are making me stalk the mailbox image

Re: derog credit

  • Current or old non paid debt?  Do they want them paid or just an explanation of why this happened?
  • seems like just an explanation as to why they are not paid
    Wedding Countdown Ticker RSVP date: WAS September 16th <117 Invited <img src=http://tinyurl.com/5okj57* />
    77 Said Yes!! image
    40 Don't want to have fun :(image
    0 Are making me stalk the mailbox image
  • I had to write a letter of explaination for something on my credit file. My credit fell into the 'excellent category', but it was something that was old on my file that showed up, which I did pay off - the mortgage company just wanted to know why it even happened. Basically, they just want to see that if it was a mistake, you took the steps to correct it and are a responsible person and won't let it happen again, and how they will be happy to have you as customers because you are working towards building your future blah blah (depending on the nature of the thing on the report). I believe you can find sample letters online that way you get an idea of what to say. Not sure if they would change their minds if they already approved you, but I guess it would depend on what it was and whether or not you would pose a risk at this point.
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