Proof from your lenders should suffice underwriters requirements. But it is best to ask your loan officer to give you specifically what the underwriters need to satisfy the requirements as they can differ lender to lender. Contact me if your current lender will not give you a pre-qual or pre-approval letter. I work with a few good local lenders.
Blanca Dover, REALTOR
Century21 Hometown Realty
I am trying to purchase. It has been a little over a month since the loans have been paid. These condos are new construction and I need a prequalification letter from the lender to reserve a unit. I'm afraid the longer I wait the units will sell out. These units are for low income families. I have tried reaching out to the lender but haven't had a response yet. I just wanted to make sure that getting a letter from the creditor would suffice to receive a prequalification letter.
To avoid this problem from happening everytime you need credit, you should get from the lender a Notice of Reconveyence and have it filed at the recorders office in the counties that you had the loan.
Then you should also send a copy to the three credit bureaus and demand that they correct your credit to show that these loans have been paid off.
That would take a while, but if the underwriters would accept a letter from the lender that would be quicker.
You should still get the matter cleared up by recording the notice, and writing the credit bureaus. This way it will not be a reoccurring problem everytime you apply for credit.
Albert Goldberg Broker