Home Buying in San Antonio>Question Details

Anthony Simm…, Home Buyer in San Antonio, TX

1st time home buyer what about medical bills placed on my credit report without them ever contacting me

Asked by Anthony Simmons, San Antonio, TX Sat Jun 16, 2012

Medical bills were from a hospitalization

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9
Disputing items on your credit report opens up another whole can of worms. Talk to your lender be4 doing that. It delays closings until they are removed.
1 vote Thank Flag Link Sat Jun 16, 2012
Update:
FHA rescinded their upcoming rule about requiring collections be paid.



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Mon Jun 18, 2012
Appreciate that...thanks!
Flag Mon Jun 18, 2012
This is very common... I've had medical bills show up on my report that didn't even belong to me... and I had to actually drive out to the hospital and sit with a billing person to clear it up...

But... the ones that did belong to me... I was easily able to negotiate a settlement for 50% or less AND a letter removing them from my credit all together.

You are the one with the money, so you are the one with the power... if they want their money, make them play by your rules... If they give you the "Its our policy to not....." You finish their thought with "then it is my policy to not pay you until you do...." ;)

Medical bills are easy to get done... they will always settle with you if the bill is more than $100, and they will usually bend over backwards to work with you in any way you need... they know that if they don't, they don't get paid.

You can negotiate your bill way down right over the phone, get a payoff letter faxed to your lender, and your lender will take care of updating your credit report and getting you "re-scored" Its a very easy process.

The most aggressive lender for this type of thing is Kasey Hampton (210-241-2629 - http://www.DHIMortgage.com/Kasey-Hampton) She has a homebuyers club that will actually assist you in clearing up any credit issues you need help with... they are very good at what they do.

Jason
0 votes Thank Flag Link Mon Jun 18, 2012
Anthony,

I would say the best advise I can give you is to contact a mortgage lender to guide you in the right direction. I have a lender with over 20 years experience. Call, text or email me and I will send her contact information to you. Thank you for reading.


Susan Casas
210-835-6696
0 votes Thank Flag Link Mon Jun 18, 2012
They may or may not need to be paid.
FHA has tabled their rule requiring collections totaling $1000 or more to be paid.
That may change back July 1st..... No one knows what they are going to do.
If the collections you have are under $1000 total then they likely will not have to be paid.

If you are going Conventional loan... the underwriter will determine. Likely do NOT have to be paid either.

Some lenders have their own guidelines. So the answer you get may vary a little from loan officer to loan officer.

Do not dispute your accounts or try any 'credit repair' until you talk to a loan officer who understands credit.

If you email me I will email you back a free e-book about credit.



Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes Thank Flag Link Sun Jun 17, 2012
As of June 15, 2012, FHA rescinded the rule that was making people pay off certain collection account and disputed accounts. Your scores will still matter in prequalification, and errors can and should be disputed in an appropriate manner. Perhaps your insurance company did pay those accounts? Please get good advice from a local licensed mortgage loan officer.

Good luck!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas for 30 Years!
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Sun Jun 17, 2012
I believe recent changes do take into account any medical bills that are on your credit report. Prior medical bills could be explained away but I believe they changed that. The best place for you to start is with a local lender. I would suggest either Legacy Mutual or SWBC and ask for some guidance. If you have to protest credit issues you could be months away from being ready to purchase.

If you are a first time home buyer you may want to take advantage of the City of San Antonio's home buyer class. It is extremely informative. Information is Power!! Once you finish that class you may be eligible for down payment assistance. They too can run your credit and give you guidance on where to start.

http://www.sanantonio.gov/planning/housing/dpassistance.aspx

Best wishes.
Jana Halverson
0 votes Thank Flag Link Sun Jun 17, 2012
They will most likely need to be paid. Your best bet is to not do anything until you get the advice of a good lender who can assist you in cleaning up your credit. They can either tell you what you need to do or get you to the right people. Ask a local Realtor for a recommendation, you can find one of this site if you don't know anyone. Good luck.
0 votes Thank Flag Link Sun Jun 17, 2012
Anthony,

Your 3 credit reports will combine to generate your FICO score so depending on the level of debt incurred, time passed by, etc. this information will vary in how it affects each credit score. The first thing to do is look into filing disputes for any erroneous data on your report with details in your situation. You can access your credit report from all three bureaus at no charge once a year at http://www.annualcreditreport.com. As a first time home buyer, you can assess your current creditworthiness and home buying capabilities by getting pre-qualified if you have not already to further investigate how any potentially adverse information has affected your credit. Good luck and let me know if I can be of any assistance. Take care,

Michael Benavides
Keller Williams
mikebenavides@kw.com
210-838-8633
0 votes Thank Flag Link Sat Jun 16, 2012
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