Before we get into the mortgage concepts. Let's just use our common sense and see what we would say to a friend of ours who has the above three being reported on his credit report and is asking us to lend him some money.
Well, the above three basically represents hardships. Most of us wouldn’t want to lend our money to such person or may be because the person is very dear to us we might as well but on stricter terms.
Its the same thing with mortgage companies and banks. If there is a disputed item, the mortgage company would ask for a document that the dispute has been settled. So if you are upset with particular phone company etc and if you also intend to apply for a mortgage.
Better to dispute after the mortgage has been done. Else the mortgage company may want you to settle the dispute and if they do want it that ways. The borrower would have to agree to unfavorable terms because the collection or financial agency with whom you are disputing have a pretty good idea why you are in such a rush to settle and they would be quick to offer you an unfavorable term.
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