Credit checks after a contract is accepted on a house?

Question

My husband and I had a contract we submitted on a home get accepted last week. We had a preapproval from Pulaski bank. Now we are doing our inspections and such. Yesterday (Saturday) we recieved a notice in the mail saying a bill of ours was 33 days past due. We did not know about this bill nor did we know it was over due. The bank is closed so we cant call about it. I am really worried that since our closing date on the house is Feb 27th we will lose the house due to this late payment. Can anyone tell me if they will be running our credit again or if the bill will be submitted to the credit score companies and cause us to lose the house for lack of financing? Thanks so much!

Update:

The letter is from our bank. But the amount due is not even the amout of a payment for any of our bills. It claims we missed a payment December 22nd

Landlord · Accepted Answer

Yeah, they will run your credit again either the 26th or the 27th, depending on what time your appointment is.     If this was reported your credit will be about 60 points less.    I would be calling whoever you owe and begging for no report if I were you.

? · Answer

Where did the bill come from?  It's very odd you wouldn't know it so possible it's a scam. 
That can happen via applying for mortgages or credit because your name and address (and more) funnels out and a scam can grab your info and make up a bill OR a credit company who handled a past settlement can come back with the amount unpaid and say you owe it - and this is important ...

IF YOU PAY IT, you can OPEN UP that old credit problem again.  
SO DO NOT PAY IT unless it is truly on your credit report.

Mortgage rules have become more strict starting this year but I would hope such a small amount won't effect the sellers your lender to change things up. 
 I've seen deals fall apart over trivial things, however, so call them first thing tomorrow, of course!

cocoa06 · Answer

Yes they will ,the day before you close . Best thing to is try to pay that as quicly as possible and make sure you get an explaintion letter as to why it was not paid and that it is paid in full . Keep that to the side just in case they ask for it . . There is also a possibility that it might not show up on your credit score yet. Last month I went the same anxiety your going through now . Best thing is just pay it . borrow money if you have to get paid . or if you have enough to pay it then by all means do so . That can stop for owning a home .

loanmasterone · Answer

Your mortgage lender underwriter would obtain one other credit report prior to closing on your purchase transaction. even so this 30 day late might not show up on your credit report if your closing date is close to Feb 27 as you indicated in your statement.

One 30 day late would not normally affect your credit report that much unless you have several prior to this one. If this 30 day late does show up on your final credit report, you might be required to write a letter of explanation as to why you have a 30 day late.

How do you not know of a debt you failed to pay?

It would probably be to your advantage to do directly to the bank on Monday to challenge the debt and take care of it so your mortgage approval would not be affected.

If this is a cause not of your doing, you might would want the bank to provide you some type of written message as to the cause for this mishap. Document and keep all proof that his was not of your making. IN the event your mortgage lender would have need of it, you would  have it immediately available. If it was something caused by you, it would be to your advantage to pay this debt and obtain a receipt from the bank.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

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Credit checks after a contract is accepted on a house?

4 Answers