I'm hoping to get a bit of information and understanding.
I am two years in to a DMP and the experience has been good. I decided that it may be time to look at buying a home and started that process this week.
The mortgage dude I am using was highly recommended to me by a friend and when he ran the online mortgage qualifier, it came back as approved.
Debt to income ratio was much lower than required, credit score well above 640 for an fha loan, long employment history etc, income levels good for amount I am wanting to puchase.. All very, very good. Except, he is concerned about the dmp having an impact in actually getting hands on the money. He just sent me an email indicating that most banks won't loan to someone in a dmp. What?? I thought two years of solid payment history was acceptable.
Is there any reason to suspect this wouldn't go through for me? Can anyone speak to this?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.