Credit fix report errors stop first-time home buyers from grabbing the keys to their new home. Fannie Mae rushes in to review policy preventing scammers from hiding a bad credit past.
Angry & confused is what happens when new home dream disappears...for now! photo credit: tikibata
Maurice Roberts and his wife found their dream home.
They have 20% to put down.
They have W-2 verifiable income.
They also have good credit.
Should be a slum-dunk, right?
That’s what Maurice and his wife thought until their mortgage professional called them with some strange news.
Click Read More below right now to find out why you should not dispute INACCURATE credit file information if you want to buy a home. This is a little hard to believe.
Oh wait, it’s the government we’re talking about here.
Why didn’t you say so. Anything “shocking” is to be expected when the government’s involved.
DO NOT DISPUTE YOUR CREDIT REPORTS….
Maurice followed the book on buying a home.
He first pulled his own credit reports and discovered damaging credit information that was NOT his.
So he did what I expected him to do. He informed the bureaus reporting this INACCURATE information (in writing).
Maurice didn’t have to do any of this. He was golden with his ultra-impressive 800 middle score and a large down payment.
Maurice could NOT be more golden.
Oops, there’s a problem. Fannie Mae has a policy that requires lenders to hand-underwrite any loans where’s there’s any type of credit dispute. Maurice informed the bureaus in writing of inaccurate account information on his reports. Minor stuff. Obviously didn’t affect his 800.
Still, it’s Fannie Mae policy and you don’t screw with government policy as idiotic as it is.
Apparently, this policy is needed to control/prevent/minimize scammers from using the credit dispute law to hide bad credit.
Of course, this policy is extremely unfair to good people like Maurice and his wife who are simply doing what they should do and that is to challenge inaccurate information.
What will happen to Maurice’s new home? That will depend on how quickly the bureaus can pull the “in dispute” off Maurice’s credit file. In this case, Maurice would benefit from ANY response, even a verified as accurate response.
He clearly has the credit. Anything above 760 is golden. In the meantime, I will not hold my breath waiting for Fannie Mae to review a STUPID, harmful policy. I don’t recommend you hold your breath either.
Credit fix report absurdities often leave me shaking my head. What do you do? You might as well go outside and scream at the top of your lungs and pray the seller extends closing, keeping Maurice under contract. You might be quick to blame Maurice’s mortgage person for not spotting this red flag. In all my years in real estate (and I have a mortgage broker’s license), I have NEVER heard of such a policy. Have you heard of this policy before? Please scroll down and tell me about a similar experience you’ve had or share in Maurice’s and his wife’s anger/despair. Misery loves company.
Welcome back! Got a question for me...or an experience to share? Please go to the bottom of this article to ask a question or share an experience. :) Thank you!
Related Posts -
Repair Credit Fast When You Avoid This One Credit Card TRAP! Repair Credit Fast & Save Your Hard-Earned Money When You Steer Clear Of This One Credit Card Trap. Okay, I admit, I can't seem to live without my credit cards. They quickly have become vital to my life...renting cars...booking hotels and airline tickets. I buy online with my credit card...... -
Repair Credit Fast Case Study: Julio's Bad Credit Turns Into Keys To Dream Home! Repair credit fast case study #10 proves that bad credit can result in the keys to your new dream home. Recently I had the pleasure of meeting (& helping to "make") a truly extraordinary bad credit success story .... His name is Julio Muniz. Julio recently "retired" from active military...... -
Repair Credit Fast 'Secret' Saves Chicago Woman $1,346.85 & Stops Greedy Debt Collector! Repair credit fast secret rewards Desiree Brockhouse of Chicago, IL, who keeps $1346.85 in her pocket and stops another desperate debt collector's annoying phone calls. Most people have no clue how to dump illegally reported (& re-aged) accounts...the accounts that hang on despite expired statute of limitations. Chances are, you...... -
Repair Credit Fast With One Phone Call To Stop Annoying Telemarketers Once And For All! Repair Credit Fast Efforts Stumble When Telemarketers Steal Your Cell Phone Minutes, Interrupt Family Dinner Time & Break Up Those Irreplaceable Special Moments With Your Children! Finally, I discovered the secret to getting those damn telemarketers' annoying phone calls out of my life... ...and off my CELL PHONE! Yeah, that's...... -
Credit Law Repair "Firm" Allegedly Steals Money & Causes Customer's Credit Scores To Drop! "Credit law repair 'firm' did nothing for me but steal my money month after month and drop my scores from where they were," complains Marcia S. of Orlando, FL. Unfortunately, Marcia is not alone in her disgust with credit (dis)repair companies. According to Marcia, Lexington Law Firm is the most......
- How to Dispute a Credit Card Purchase One of the more aggravating scenarios as a credit card holder is when an unauthorized, or incorrect charge finds its...
- How Worried Are You About Being Laid-Off? Yesterday, I saw that more than 70,000 people lost their jobs. Using the data on the side panel of that...
- Review: Basic Home Repair: Home Improvement DVD The Basic Home Repair: Home Improvement DVD is designed to provide complete details and lessons on home repair topics including...
- Deciding If We're Going to Move We just got a notice from our leasing office that the renewal for our lease is coming up in September....
- Sunday Money Roundup - Not So Shiny New Car Edition. As I mentioned earlier this week, we just bought a brand new Subaru Forester...and the shine is already gone. Yes,...
Loading ...
{ 1 trackback }