Thread: mortgage and charge offs

I have been reading on the site about whatever I could, my husband and I both have 8 bad lines all from about 5-6 years ago about 4 have balances the rest paid, we have the funds to pay the rest off (not very high balance) question we are wanting to buy a home in 6 months what can we do between now and then should we negotiate removal with paid lines? Where can I find that letter they used to post here for removal with paid lines? Score from experians site are 619 and 628. Also can use VA for our home loan so how will that effect us too? NEED HELP soon want to be prepared for buying that home in July. Thanks

Dispute all of them first, some might just fall off......letters to look for: search for the "nutcase sequence" to use for the paid charge offs.

dispute what though, I did on a few that were a little older and one remained and 3 were deleted, so that was good off of mine then I wanted to work on my husbands...so his are so minut the 3 that are chargeoffs and not paid equal like 300 bucks stupid I know but from 96 and 97 so I want to get those done they rest are paid from his and I will search for those letters thanks...there will be nothing else I can do after his are all paid? He won't have anything open, we have a joint and it was late in 99 so that is on there for awhile and his one was late 30 days once and that was in 96, his other line is good, never used not sure how it got into his name never applied for it..I am afraid closing it will put his score down? What do you think? Same as mine, I have one open not sure how I got it, since I have a bad listing from them on my report from the same store? But I am afraid getting it taken off will lower my score...UGH not sure where to go from here...

Originally posted by teresa
I have been reading on the site about whatever I could, my husband and I both have 8 bad lines all from about 5-6 years ago about 4 have balances the rest paid, we have the funds to pay the rest off (not very high balance) question we are wanting to buy a home in 6 months what can we do between now and then should we negotiate removal with paid lines? Where can I find that letter they used to post here for removal with paid lines? Score from experians site are 619 and 628. Also can use VA for our home loan so how will that effect us too? NEED HELP soon want to be prepared for buying that home in July. Thanks

teresa

How you go about rehabbing your credit is very dependant on what you are trying to accomplish. Based on your post, you want to be able to get a mortgage. With that in mind, you want to concentrate your efforts on those negatives that will have the greatest affect on your ability to get one. With that in mind, you want to attack the unpaid collections/chargeoffs first. You will, before doing anything else, want to find out what the SOL is in your state for each type of account. If any of the accounts are in the hands of a CA, you will want to immediately send a validation letter to them. In many cases, that will halt any actions on their part, if not then they will most likely violate FDCPA. The other option you may want to investigate would be to contact the OC's and try to negotiate with them to take payment in exchange for deletion. Based on what you have written, the only thing that I see that can stand in the way of you and DH getting a mortgage is the 4 open collections/chargeoffs.

The steps I am suggesting do not mean to ignore the paid collections/chargeoffs, just not to concentrate on them first. A simple dispute with the CRA may be enough to get them gone, depending on how old they are.

Hope this helps


fla-tan

how can I dispute anything when the creditors are not contacting me? I have their addresses from the credit reports and I can contact them, but what do I say if they are not even making an effort to contact me? I just need to know where to go from here...need major help and advice? PLEEEEEEEEEEASE!

Teresa:

The fact that the creditors are 'not even contacting you' may work in your favor.

I'd suggest that you start by disputing the old chargeoffs with the credit bureaus, NOT with the original creditors. The bureaus will try to verify with the creditors--if, because they're old, the creditors fail to verify, the bureaus MUST delete from your file. This is likely to be your best route, and the least likely avenue to re-generate interest at the creditor level.

I work with over 100 mortgage lenders and over 500 financing programs: If you'd like to talk about mortgages/process, etc, please email me here on CN.

Best of Luck!
Mark