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An update on yesterday's bad news
Sep. 3rd, 2009 06:13 amSo, after making about 100 phone calls, we finally figured out what was going on.
In short, it's not the Bank's fault and it's not REALLY my fault, it's the credit reporter's fault.
When I first moved to the DC area, I had alot of debt to take care of and wasn't making enough to live in this area and pay off my debts. I did my best working with everyone involved, but long story short, a couple of my student loans ended up going default.
About three years ago, we got a nasty surprise when we got a letter from a company telling me I was default on a bunch of loans and I had to pay $50,000 RIGHT NOW. Needless to say, I didn't have that, but we worked out a payment plan and began rehabilitating my loans. Two years ago, the loans were officially rehabilitated and I got a chance to consolidate all my loans into one loan that I've been faithfully paying for two years.
When the loan was finally rehabilitated, the department of education sent a letter to Equifax letting them know that the loan wasw not in default and remove this from my credit report. Equifax failed to do that. I've lodged an appeal of this debt from Equifax (and when I spoke to the Department of Educaiton, they also lodged an appeal saying, basically "Hey we told you guys in December of 2006 that this loan is no longer in default and remove this from the credit rating.") but it will take them 30-45 days to fix it, according to their website and all the people K and I spoke to yesterday, including our real estate agent and the mortgage banker we were sent to.
If part of the plan wasn't to close on a house by November 30 and get $8,000 back on our taxes, we probably COULD have still bought a house, but time is short and talking to everyone, it's incredibly unlikely at this juncture that Equifax will fix the error in a timely manner.
So... now we're back in the realm of renting, at least for a year (Keep in mind K is having a baby in six months, so there's no point in trying to do it sooner). Possibly renting a house, possibly an apartment, depending on cost and travel time, mostly. Our real estate agent is looking at houses for rent right now and we'll go out the weekend after labor day to start loooking at them, says she.
Our hopes are that Obama decides to resign the.. I'm not sure what.. that is offering the $8,000 tax refund if we are a first time home buyer. In that case, we can start the paperwork much earlier, begin looking earlier, etc.
So.. that's where we stand. One way or the other, we still feel like we HAVE to move, that this two bedroom apartment is not enough room. So... stay tuned, I guess.
In short, it's not the Bank's fault and it's not REALLY my fault, it's the credit reporter's fault.
When I first moved to the DC area, I had alot of debt to take care of and wasn't making enough to live in this area and pay off my debts. I did my best working with everyone involved, but long story short, a couple of my student loans ended up going default.
About three years ago, we got a nasty surprise when we got a letter from a company telling me I was default on a bunch of loans and I had to pay $50,000 RIGHT NOW. Needless to say, I didn't have that, but we worked out a payment plan and began rehabilitating my loans. Two years ago, the loans were officially rehabilitated and I got a chance to consolidate all my loans into one loan that I've been faithfully paying for two years.
When the loan was finally rehabilitated, the department of education sent a letter to Equifax letting them know that the loan wasw not in default and remove this from my credit report. Equifax failed to do that. I've lodged an appeal of this debt from Equifax (and when I spoke to the Department of Educaiton, they also lodged an appeal saying, basically "Hey we told you guys in December of 2006 that this loan is no longer in default and remove this from the credit rating.") but it will take them 30-45 days to fix it, according to their website and all the people K and I spoke to yesterday, including our real estate agent and the mortgage banker we were sent to.
If part of the plan wasn't to close on a house by November 30 and get $8,000 back on our taxes, we probably COULD have still bought a house, but time is short and talking to everyone, it's incredibly unlikely at this juncture that Equifax will fix the error in a timely manner.
So... now we're back in the realm of renting, at least for a year (Keep in mind K is having a baby in six months, so there's no point in trying to do it sooner). Possibly renting a house, possibly an apartment, depending on cost and travel time, mostly. Our real estate agent is looking at houses for rent right now and we'll go out the weekend after labor day to start loooking at them, says she.
Our hopes are that Obama decides to resign the.. I'm not sure what.. that is offering the $8,000 tax refund if we are a first time home buyer. In that case, we can start the paperwork much earlier, begin looking earlier, etc.
So.. that's where we stand. One way or the other, we still feel like we HAVE to move, that this two bedroom apartment is not enough room. So... stay tuned, I guess.
