FIA Judgement, do I settle with Northland
Date: Fri, 06/07/2013 - 13:26
Aloha!
I'm trying to buy a house through FHA. I had a middle Fico of 700 in December of 2012, bought a car and now in contract to buy a house since mid march 2013.
1st lender with a middle Fico of 687 approve provided I payoff a Bank of America Charge off of $15k (lender did a credit supplement in April 2013 to verify).... FIA filed judgement in 1/2011 and Northland Group has the collection account.
2nd lender approved loan but is requiring me 15% down vs 3.5% since Fico is 636 which is below 640 min for FHA.
now with 3rd lender and hoping that paying off or settling with Northland Group is not necessary for approval, but I want to be ready just in case...
so far Northland Group has verbally agreed to settle $3500. Will they provide in writing. Should I try to lower the amount. If i do and pay the settlement figure, how fast can they provide in writing paid off as agreed and will the Judgement be taken off me.
Any input is appreciated
I'm trying to buy a house through FHA. I had a middle Fico of 700 in December of 2012, bought a car and now in contract to buy a house since mid march 2013.
1st lender with a middle Fico of 687 approve provided I payoff a Bank of America Charge off of $15k (lender did a credit supplement in April 2013 to verify).... FIA filed judgement in 1/2011 and Northland Group has the collection account.
2nd lender approved loan but is requiring me 15% down vs 3.5% since Fico is 636 which is below 640 min for FHA.
now with 3rd lender and hoping that paying off or settling with Northland Group is not necessary for approval, but I want to be ready just in case...
so far Northland Group has verbally agreed to settle $3500. Will they provide in writing. Should I try to lower the amount. If i do and pay the settlement figure, how fast can they provide in writing paid off as agreed and will the Judgement be taken off me.
Any input is appreciated
FYI....FHA will not approve
FYI....FHA will not approve you with any judgment on your credit.
Have you asked them to fax you a settlement letter? You basically need to have the funds available at the time of the request. It can take some time for it to cycle thru the bureaus.
FYI...if northland pulls your credit report and see's mortgage inquires, they may revoke the settlement. They will see you want something and will pay to get them remove. Tread carefully.
