do we tell our loan spec ialist?
Date: Sun, 03/11/2007 - 11:46
Okay, we're working with a loan spec ialist to get things removed from my husband's credit report so we can get the lowest possible interest rate. We just met with the loan spec ialist today and we'll be signing a power of attorney waiver tomorrow. The one thing she doesn't know, at this point, is about the impending lawsuit and EMCC Receivables. It isn't on his credit report, but I'm sure it will, eventually, surface. I'm already worrying that this isn't going to be resolved in time for us to get our loan, thus resulting in a judgment, so I'm wondering... should we tell her so perhaps she could discuss the issue with the attorney and come to some kind of agreement? We can finance a settlement amount right into our home loan, which is exactly what we need, but I'm really worried that, by telling her, we're going to lose any chance of getting the loan at all.
TIA.
(Sorry about the separation in the word "spec ialist". The spam filter won't let me use the word otherwise!)
Are you in negotiation with the company now, are you going to ta
Are you in negotiation with the company now, are you going to take out equity in your home to settle the debt. You may want to tell her, since you are trying to clean things up, she may be able to help you. Then you start with a clean slate, you have no judgement yet, she may be able to help you avoid this right now, instead of refinancing and still having a negative result on your husbands record.
That's where it gets confusing... EMCC Receivables says they don
That's where it gets confusing... EMCC Receivables says they don't own the debt, but we're being sued by EMCC Receivables for the debt. Whenever we tried to validate the debt, they wouldn't send us anything. At this point the only thing we're very concerned about is not being able to get the loan because of a judgment, which means they kind of have us pinned in a corner. We don't have the cash to pay them what they're asking, so financing the settlement through the loan would be the only way for us to pay, but I'm also scared that, if we tell the loan spec ialist what is going on, she'll tell us forget it and then we'll be screwed. :/
You would probably get away with not telling her. If she has a c
You would probably get away with not telling her. If she has a copy of your credit report, she will probably question what happened to the old debt. Most of them want you to pay off everything at this point. At least ours did. Guess you will have to decide your own course of action here. Sorry, couldn't be more helpful.
We just told her and she said don't worry, she'll call them and
We just told her and she said don't worry, she'll call them and work out a settlement!! I'm so relieved!
Thank you for your help! :)
That is great that she is going to be able to do that for you.
That is great that she is going to be able to do that for you.
