refi cashout with a collection account

boatguy61 · Joined: 03 Mar 2008 Posts: 1 1.28 Dollars($)

I would like to get my home refied and cash out but I have a collection acount that I do not agree with. I have hired someone to try and resolve. Can I refi without paying that collection account in texas

gmakerley · Posted: Mon Mar 03, 2008 10:39 am Post subject:

if you are going with a fannie mae/freddie mac lender, the likelihood is that you can ignore that collection account (unless they have judgment against you).

you ought to be able to eliminate the collection account, if it is invalid, by yourself. your description confuses me, however. if you simply "disagree" with the collection, that isnt usually quite the same as it being invalid.

michelle · Posted: Mon Mar 03, 2008 11:07 am Post subject:

Welcome to the forum boatguy1,

I do agree with George mainly. You very well may not have to pay the collection account unless they have a judgment against you. Some lenders also do require larger collections, even if no judgment has been filed.

If you could please provide us with more information on the collection - age of the collection and amount specifically, we might be able to provide a better answer.

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