Delays

Well, our closing date was supposed to be this week, but we've hit some delays and we don't know yet when our new closing date will be. Last week, the mortgage company let us know that due to a 5.5 year old collection account that is listed as "in dispute" by consumer, we were denied. Long story short...Back in August 2009, I sent in a dispute letter to this collection agency for them to verify and validate the information they were reporting. They had a few incorrect line items and were reporting incorrectly, so as a consumer, and having the full legal right to do so, I asked for verification and validation of this account. By law, these collection agencies must notate on the tradline that the consumer has disputed this information. If they are unable to provide documentation or proof that the alleged debt is owed, then they are required to remove or at least start reporting the accurate information. Well apparently, since all of this madness went down with the recession and all of the foreclosures and pretty much people who got loans they knew they couldn't afford, Freddie Mac and Fannie Mae implemented some new guidelines to adhere by. They don't want the Underwriters to see that any account is in dispute. Regardless of the reason. It's pretty ridiculous and a lot of people are pissed off about it. Including me! Anyways, the underwriter asked me to try to get a written verification that this account is no longer in dispute. I, of course, called the collection agency straight away and told them, with great displeasure, that I no longer dispute the account and that they need to remove the notation from my credit reports. Well, they did that, because they have to. What they don't HAVE to do is send me anything in writing. I mean, why would they? Why would they want to help out someone who is never going to pay them? So, they refused to send me anything in writing, I let the Underwriter know, and they can't process the loan without the document. So stupid. The account is NOT in dispute, but they still won't do it.

Next step is to send our information to an affiliate lender through Pulte to see if they will approve and process the loan. My sales rep assured me that she was about 90% confident that they would do it. IF they are unable to do anything, only then can we go with the original plan, with Ryan. This time all of the incentives will be matched and carried over to Ryan because Pulte was unable to do anything for us.

So, we're once again waiting to hear something. This part really sucks and is really stressful for us. I hope the process is quicker this time and we hear something soon. Until then, our fingers are crossed and we are hoping that we have luck with this affiliate lender. Poooooo!!!!