Q: We got approved for a mortgage loan with a automated underwriting engine with the mortgage loaner. My question is
because i think my husband misunderstood something or etc. If we are approved for the loan and are being told to gather up our w-2 forms and past 2 yrs tax papers while we starting house hunting. Why would my husband assume we have to pay off or get his old credit card wiped off his credit history thats been more then 7yrs old. I guess my question is, is it possible to be approved and told to gather tax forms and etc up while looking for homes is it possible for them to approve but may change their minds if we can't get that taken off his credit? Is it possible they will be okay with us making payments on this credit card while they still approve us and we get a home or would it need to be wiped off period. I just wanna understand while we are waiting for the loaners to call us back ( i assume they are busy it is after all monday morning). I just wanna understand is it possible to be approved and be told to gather those things just to be turn down at last min
A: That bill from 7 years ago might be totally uncollectible and have no consequence at all. It apears that the statute of limitations on contracts in NC is only 3 years. You have to ask individual lenders about their own policies and procedures.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
