is it possible to get mortgage loan with collections on your credit report
2007-02-13 13:19:10 · 5 answers · asked by cinderella6619 2 in Business & Finance ➔ Renting & Real Estate
17 in all 8 paid in full , 3 reported more than once by different collection agencys which i disputed on/in 1-07. the other 9 are medical bills from 2 from 2002 2 from 2003 5 from 2004 should i ignore let them fall off or should i settle
2007-02-14 06:44:17 · update #1
Yes it is. In fact, it is common these days. It will all depend on what type of loan you are going for, and what type of collections you have. If you owe 200 bucks to a phone company from a year or two ago, it isn't as big of a deal to the lenders as owing 5,000 in back child support.... they do whatever makes sense...
Comment back on what type, how old, and total number of collection accounts, as well as a total dollar amount and I will tell you how your chances look...
2007-02-14 05:47:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Of coarse, but it is harder and there are a lot more factors. FHA loans are much more forgiving if the collections are a little older. Talk to a local loan officer about possible scenarios. Good luck!
2007-02-13 16:10:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Get quotes from http://www.nationwidebillrelief.com/homepurchase.html Some of the companies there are interested in working with people who have bad credit. I f you don't like the rate they give you it might be better to settle with the creditors before buying.
2007-02-13 15:36:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It is possible, you would qualify for what is called a sub prime loan. Talk to a mortgage broker about it and be frank about your past.
2007-02-13 13:24:06 · answer #4 · answered by Akbar B 6 · 0⤊ 0⤋
Hi going though the same thing as you so I,m wish you all the luck in the wold never give up
2007-02-13 17:07:42 · answer #5 · answered by pattibcacl 6 · 0⤊ 0⤋