(Christina) I am in the process of buying a house and we are closing in 3 weeks. My lender asked me to explain two negatives on my credit, one being an $88 medical bill from 2009 that I was unaware of. I did not realize this was for underwriting purposes only, so yesterday I called the collector to find out about the account, and paid it in full thinking it would help. My lender then told me this would “dramatically” impact my credit in a negative way. After reading about the “Fair Isaac” decision on no penalty for paying off a debt collection in full, I am doubting what my lender told me. With three weeks until closing, how quickly might this be reported to my credit, and what impact might it have on my closing? We have been approved for FHA and losing this house over paying an $88 debt will be crushing for us. Thank you. (more…)
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Archive for the ‘Homeownership’ Category
Can I Legally Stop Credit Card Debt from Destroying my Credit?
(Jocelyn from Florida) I am trying to buy a house but my credit cards have big balances. Can I legally stop credit card debt from destroying my credit? (more…)
How long does a foreclosure typically take in Florida?
(Kathy from Florida) How long does a foreclosure typically take in Florida? (more…)
How Long Can you Collect Belongings After Foreclosure Auction?
(Michelle from Georgia) how long do you have to collect your things from the home being foreclosed on once its actioned off? (more…)
Can a Home be Moved from Property Before Foreclosure?
(Sarah from Georgia) Can A home be moved from property before foreclourse? (more…)
Can a Lender Request My IRS 1040 Form?
(j from Pennsylvania) Can a lender request my irs 1040 form? (more…)
Does Foreclosure Ruin My Credit If I’m On the Deed?
(Miryam from Florida) im married my husband has a mtg that behind im only on the deed not on the note. can this ruin my creditm if he get foreclosed? should i take my name off the deed?does the bank report it to the credit beruau or the court? thanks (more…)
Ask Ken Your Financial Questions
When you are looking for an answer to a very specific question, it may sometimes be difficult to find exactly what you are looking for. That is because your situation is unique, and most other situations that you read about are just not the same as yours. Now you can ask your questions directly. (more…)
Massachusetts Government Offers Reverse Mortgage Help
Massachusetts authorities have announced a new resource for seniors that are considering to apply for a reverse mortgage. The Massachusetts Office of Consumer Affairs and Business Regulation has released online information regarding reverse mortgages. (more…)
Lender to Delinquent Homeowner: Don’t Leave!
With all of the mortgage delinquencies that are occurring, many lenders have been quick to foreclose on properties as an attempt to stem their losses. However, there are also social problems that are causing lenders to allow homeowners in default to stay in their homes until they sell. This is what is happening: (more…)
