Some borrowers have what are called “disputed accounts” on their credit reports. That means that they have the right to disagree with the creditor’s charge, balance, payment, etc. FHA and VA have certain rules on how to underwrite the loan if the account has been disputed. Post below if you’d like more info.
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[tweet-start]Disputed accounts, judgments and collections can be confusing when obtaining mortgage financing. Call me to make it clear![tweet-end] Answer for VA: Disputed Accounts: Lenders may consider a veteran’s claim of bona fide or legal defenses regarding unpaid debts except when the debt has been reduced to judgment. Account balances reduced to judgment by a court […]