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 boatguy61
Joined: 03 Mar 2008
Posts: 1
1.28 Dollars($)
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 Posted: Mon Mar 03, 2008 9:30 am Post subject: refi cashout with a collection account |
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| I would like to get my home refied and cash out but I have a collection acount that I do not agree with. I have hired someone to try and resolve. Can I refi without paying that collection account in texas |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Mon Mar 03, 2008 10:39 am Post subject: |
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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.
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George M. Akerley
Loan Consultant
860-221-5044 |
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michelle
Community Experts
Joined: 08 Oct 2007
Posts: 152
40.19 Dollars($)
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| Posted: Mon Mar 03, 2008 11:07 am Post subject: |
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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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Michelle Keck
Mortgage Network Solutions
302-252-0100
www.michellekeck.com |
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