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evalorenbarry · Joined: 10 Sep 2010 Posts: 2 1.70 Dollars($)

This is so stressful trying to purchase my first home and I have a situation and don' know what to do. Bank in April 2004, I had a auto loan charged off in the amount of $6262. I recieved an approval letter from Wells Fargo with the condition of that being paid at closing. So before I went out and signed a contract I wanted to get the defintion of paid at closing. Because i dont have that type of money plus next month it would be 7 years and it will be off my credit report. I spoke to the processor who asked the uw and she came back and told me that as long as its "charged off" its fine. Now, I ready for a clear to close and this issue has came back up. The processor took the file to the uw manager and she signed off on it (not charging me for that account) the file has to go back the original uw for something else the product had to change back to an Arm b/c of my dti but she stated to me "i hope he doesn't see the sign off let keep our fingers crossed" but why and how could he go against his manager and not sign off ...What should I do if this does happen? Please help me my heart can't take it

Niicss · Posted: Fri Mar 11, 2011 3:04 am Post subject:

Lenders as well as underwriters will want you to pay off the charged off account before you close on the loan. There are high chances that your loan may not get closed. You will have to pay it off in order to get rid of the charged off account.

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Waiting on Clear to Close..Pls help

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