From: PRMincey@webtv.net (Paul M)
Newsgroups: misc.invest.real-estate
Subject: My Nitemare about a Bank loan
Date: Sat, 12 Jun 2004 22:24:08 -0400
	ETAsAhQ/gjT1ZCxHOuFcamXirA7sqSrE5QIUGA4nHmY76Q0kSIohVeswZpdKe08= 


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I have spent most of the last few days, searching and reading through
everything that I can find on loans and mortgages but I am afraid that I
may not have enough knowledge about these things, to find an answer. 

I am truly sorry, If I sound Brain-Dead, I am. 

I have been in a panic for the last two days AFTER I found out that
there is a difference between pre-qualified and pre-approved. 

I am Terrified that I am going to be turned down on my loan and have no
place to go. 
I have been awake for these two days and Searching. 
Maybe the following will give you some idea about what I am talking
about? 
=================== 

I am selling my townhouse, and have received a written offer (for
$117,000) and will be able to put $50,000 down on a $165,000 house that
I wish to buy with that money. 

I was pre-qualified for a $115,000 home loan a few weeks ago, after
finding this house. 
 
I will also be paying off two auto loans that I received from this same
potential lender. (BB&T)

The problem is that for two years I have been disputing a $1,500 phone
bill that was turned over to a collection agency. 

Yesterday, I talked to a person at the agency and we agreed to my paying
$750.00 to satisfy this debt. (I just want to get it out of the way).

I can have the debt paid off before the closing dates, but NOT before I
go in THIS Monday for the approval process! 

(The sale of my townhome and the home that I want to buy, close on the
same day, July, 30th). 
Do you think that my loan approval will go through? 
This (lender) bank, is also where I have my checking and savings
accounts and where both of my car loans came from.
 
I am SO Scared because if this approval doesn't go through .. I will
have No-where to live 8( 

I work part time and receive $1,265 a month in S.S. 

As noted above .. I was pre-qualified but have not yet been
pre-approved? 

Credit score question.. Is that the score that I got at the CreditKeeper
Website? (Something about an average between the three reporting firms).

I am not sure if it is a FICO score or something else.
The score was 653 and was rated as Fair. My credit is good, except for
this. 
Thank You for your time and any help you can give me and .. Please
accept my apology for writing to you in such a Fog. (No sleep seems to
do that 8) 
 
Paul


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