Re: mortgage and charge offs
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
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
Remember renting is just like buying...Only for somebody else.
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