1 derogatory mark & we can’t get a HELOC

Forum|Forum|6 years ago
May 8, 2019
1 reply
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We were scammed in 2012, paid off all debt, but 1 collections account which we pay monthly. Our credit score is 673, DTI less than 2%, we own our home, & have excellent “pay on time” score, but were denied for a desperately needed roof loan. We’ve only had 2 credit checks in years, but I don’t want to run that number up either. I really need some direction

NCPERSON1

what is the approximate value of your home? what is the current balance of the mortgage(s)? The percent of equity in the home will be the basis of any guidance. (equity % = (home value - mortgage) / home value)

where did you go for the 'roof loan'? Bank? credit union? mortgage lender. etc?

what was the reason for the denial? (the lender should have sent a letter explaining)

FFPPSSLLCAuthor

Employee

We own our home, it’s valued at approximately $80k. We applied at the Bank we use, Woodlands. They said it was only denied bc of the 2 accounts, still in collections since we were scammed 2012-2014 & we’ve been paying on them for 5 years, but the payments do not show up on any credit report. Since then, I settled one of them & also have reports proving our automatic payments. We applied for HELOC & need about $15K to repair the damage, replace the roof & spouting.