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Statement of Termination

I was under contact with a property and got my interest rate locked with my lender and during inspections there were problems and I withdrew my offer and the seller signed an addendum releasing me. I got a letter of denial/termination indicating I withdrew from the loan from my lender. Does this adversely affect my credit score?

=====ANSWER=====

Hello Friend,

I just want to thank you for coming by my site and asking this awesome question. You gave me plenty of details so I could get the entire picture.

The simply answer to your question, "NO" the letter of denial/termination does not affect your credit score.

If this for some reason was to show up on your credit report, it should not be a negative in any way. You may want to watch your report for a period of time to be sure. If you see this show up, then you may want to do a little credit repair to get this removed.

I hope this answer helps you. Please "like" us at FaceBook and Tweet about us if you do. This can help me get the word out so others can find this resource when they have questions.

Kind Regards,

Jeffrey Ragan

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How do I remove paid off collections from my credit report?

by Christine H.
(Hudson Indiana)

I have paid off two bills that were on my credit report. How do I get them off my credit report? I have letters stating they are paid off.

=====ANSWERS=====

Hello Christine;

Thank you kindly for stopping by my website and asking your questions.

I will do my best to answer them for you.

First of all, congratulations for getting your debts paid off. It should not be that hard to get the collections removed if you have proof of payment as you say that you do.

You need to write a dispute letter and send it along with your proof of payment to all 3 credit bureaus.

Also you may want to get a copy of your report with the credit scores.

Use the links I'm providing you here in this answer for further information. I have an entire section of this website devoted to credit repair.

I'm confident that if you work at this you can do this yourself. However if you feel it is more than what you can handle, I know you will find good suggestions and credit repair companies on the other pages you find using these links.

I hope you find this post helpful. If you do, please pay it forward and "Like" us in FaceBook and gives us a shout out in Twitter. Just log into your accounts and use the links just below.

By telling others about my site you can help pay it forward so I can help somebody else.

I wish you the best.

Kind Regards,

Jeffrey Ragan

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Who pays for the lender credit - Loan Officer or bank?

by Sandra
(USA)

I have a question for you. Who is should be responsible for paying the lender credit? Would this be the loan officer who is responsible? Or is the bank responsible for this?

=====ANSWER=====

Hello Sandra,

I'm not sure what you mean by the lender credit. What line does this figure show up on your Loan Estimate?

One thing I can say about some of the terms used in mortgage lending is that they can be very deceiving. For example, when you hear the word discount, one would think they are going to save money since the word discount is normally used in that structure of a sentence. However, a discount on a mortgage actually cost you money and is used to buy down your interest rate.

So with a lender credit, I'm not sure what you are asking. Can you clarify for me?

Regards,

Jeff Ragan

PS, you may want to watch my FREE video on the good faith estimate explained at FREE GFE Explained Video this will explain the Loan Estimate in detail. It is about 26 minutes long and goes step by step explaining your closing costs.

Thanks,

Jeff Ragan

Comments for Who pays for the lender credit - Loan Officer or bank?

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Lender Credit
by: Nakia

Loved the video!!! We need more videos like this to explain these forms.

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