Comments on: Line of credit / Collection? http://4creditreport.com/credit/line-of-credit-collection/ about personal credit report Wed, 30 Mar 2011 11:22:20 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Heather S http://4creditreport.com/credit/line-of-credit-collection/#comment-1381 Heather S Sat, 31 Jul 2010 05:44:59 +0000 http://4creditreport.com/credit/line-of-credit-collection/#comment-1381 <a href="">Willie</a> you should check out hope now, they help people refinance in your situation and fix their loans to lower interest rates. Willie

you should check out hope now, they help people refinance in your situation and fix their loans to lower interest rates.

]]> By: golferwhoworks http://4creditreport.com/credit/line-of-credit-collection/#comment-1380 golferwhoworks Wed, 28 Jul 2010 16:10:32 +0000 http://4creditreport.com/credit/line-of-credit-collection/#comment-1380 <a href="">Alvin</a> slow down. you can refinance but the second to make it your loan to value MUST be at 85% or less as it is now a cash out loan to combine both mortgages. If you are there ok if not FHA will still do these but you must have 2 appraisals and they will take the lowest value of 2 to do the loan. Now as for the posting it will not change as it correct. Fair Credit Reporting Act state all credit must be properly reported and sound like this one was. Now once paid only time will get the scores back up. The dti is not a problem as the total DTI can be as high as 43% and with compensating factors even higher for an approval. You can also refinance the second deed of trust by itself to a fixed not. HELOC's are adjustable to prime rate in most cases and work like a credit card on your home. And most only send you interest only payments for 10 years then you have to bite the bullet so to speak I am a mortgage banker in TN & KY Alvin

slow down. you can refinance but the second to make it your loan to value MUST be at 85% or less as it is now a cash out loan to combine both mortgages. If you are there ok if not FHA will still do these but you must have 2 appraisals and they will take the lowest value of 2 to do the loan. Now as for the posting it will not change as it correct. Fair Credit Reporting Act state all credit must be properly reported and sound like this one was. Now once paid only time will get the scores back up. The dti is not a problem as the total DTI can be as high as 43% and with compensating factors even higher for an approval.
You can also refinance the second deed of trust by itself to a fixed not. HELOC’s are adjustable to prime rate in most cases and work like a credit card on your home. And most only send you interest only payments for 10 years then you have to bite the bullet so to speak
I am a mortgage banker in TN & KY

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