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Answers (6)
- Edyta Gryc, "SE Florida broker"
- Contributions:304
Few years ago my client had unpaid medical bills and in order to get a mortgage he had to pay off his medical bills. This was only few thousand $ so he was obliged to pay it (actually he made arrangments with collection company and ended up paying less).This is not your case scenario-the amount is too high. I would shop with different lenders and see how they will approach this situation.
You should try to negotiate these bills. Many times you can have some of them to be reduced a lot.
You should try to negotiate these bills. Many times you can have some of them to be reduced a lot.
- Ofe Polack, "Ofe Polack"
- Contributions:1417
When it comes to doing a full disclosure of your finances, I suggest that you do that in the privacy of a lender's office. There are too many things to take into consideration for any of us to make a recommendation at this point. Talk to a few lenders and yield to their advice. Good luck!
- J.R. Smith, "J.R. Smith"
- Contributions:20
There is hope and there's some work to do! Your credit score meets FHA qualifications, which is great! Are you prepared to begin making payment arrangements concerning the collection? Are you purchasing soley. Is there another source of income? Speaking with a lender is a plus also be proactive, for instance in some states there is assistance for hardship concerning medical bills. Check with your state government. Although the task will be arduous and nympholeptic but vivifying the dream is the goal. Remember, all lenders are not equal.
- Erick Rodriguez
- Contributions:543
Christine is correct the best way to find out is by submitting your file to different banks and even thought banks are more strict now, there are some banks that have their own underwriting departments makings it better for different situations. If your goal is to buy a house, I'm sure you are willing to go and try it in different places. Instead of a bank, I would suggest you talk to a mortgage broker.
- Stephanie McCarty, "snellvilleagent"
- Contributions:521
probably not but call a direct lender and find out for sure before you house hunt.
- Christine McGinty, "whitemountainagent"
- Contributions:273
Doubtful but you would have to talk to a lender. Any collections, especially unpaid collections are not going to help your case at all. You need to ask yourself if you can really afford a house with that kind of debt looming over your head.
Can you get an FHA mortgage with unpaid medical collections?
They have made no attempt to collect since 2005 and I have paid none. Was in negotiations to get help from a non-profit but I guess the fact that I actually work for a living disqualified me from assistance. Credit score prior to illness was high 700 to low 800. Current credit scores are 640/656/677. 4 active credit cards with $2000 limits and zero balances, Youngest was opened 2006 oldest was opened 1998. Active car loan opened for $34,000 in 2007, current balance $11,000. No late payments on anything ever. Current income is $60,000 / year salary with w-2 and 2008, 2009 tax returns to match. Only debt is car payment of $388 / month and rent of $1900. Looking to buy a house for $185,000 with FHA 3.5% down. Can it be done?
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