Mr. Garcia - Steps to re-scoring credit please - Posted by John
Posted by John on April 19, 2002 at 17:59:45:
I rehab homes and then sell to buyers who usually get an FHA or conventional loan from a mortgage company. The problem is I have to go through 30 wannabe buyers to find one that is financeable. My thought is to use the bad credit wannabes as a future source of buyers after I clean up their credit. What steps are required to remove old derogatorys from past collections, judgements, and bankruptcies. Are there standard forms to submit to the credit bureaus? A loan officer was telling me he can re-score a buyer’s credit by paying him a fee and that it can be done in a few weeks. Does this sound right? Also if there are legitimate collections and judgement on a report, do they have to be paid off before a loan will be approved or does it depend on how long ago the derogatorys were put on the report. Can a debtor agree to a re-payment plan for these with the creditor to satisfy the lender. I know I am asking a lot in this post but any guidance you can give me would be greatly appreciated. Perhaps there is a web site that explains lenders underwiting guidelines?