I was browsing through a local newspaper this afternoon, where I saw an article about unknown items that can affect your mortgage. Unpaid parking tickets an traffic violations! What a shocker! There are so many questions you already have to ask your buyers/sellers, now add this one to the list.
It is said, certain local law enforcement agencies report violations and fines to collection agencies. After the collection is ignored, it is then turned over to the credit bureaus. These seemingly harmless to some, and minuscule fees can turn dramatically serious when applying for you home loans. Applicants with unpaid parking tickets or fees may pay higher interest rates. Having two or three unpaid parking tickets or traffic violations are the same as having two or three lateness's on a credit card account.
Pay your tickets and violations NOW, before they get turned over to creditors or collection agencies. Also, pull a credit report yearly, to make sure there are absolutely no errors on the report. Surprisingly, errors on the report are not all that uncommon.
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