Hello, My wife and I visited with an agent and a broker on Sunday. Uncle is an agent for Long and Foster and his best friend is a broker..Broker stated that with our scores (mine Equifax 572 Exp 693 Trans 6090) Wife Equ 541 Exp 604 Trans 594 he can get us approved thru FHA..We have 17k in the bank and he looked at our debt and claims we qualify for around 230K Max..That is a joke because we only make about 83K including bonuses and expense checks we are looking in the 150 to 180 range hopefully. SHOULD I OPT OUT NOW ? I have 2 chargeoffs on cc report that he stated I will need to call and make arrangements with..One is Sears for about 2,500 and Ciruit City for another $1500. Sears sent me a letter just las week offering to settle for $1200. I am scared by not opting out they may not offer me a deal to settle..Is that true ? I will appreciate the advice because if I should opt out I will do so TONIGHT !! Thank you
Opt out NOW! 1-888-5-OPT-OUT. And wait 1 week before you proceed with the mortgage. Opting out is done to prevent your name and address being sold to leech CA's to place bogus tradelines on your report and collect cash. The theory (that cannot be proven) is that CAs prowl around the bureaus to look for people who have had chargeoffs and recent mortgage related inquiries, and once they get such names, place bogus lines on the victims' reports. If you opt out, your name would not be included in the list. As far as dealing with existing lenders and their collection agencies, I doubt opting out would help you.
The max home loan thru FHA varies throughout the country. Go to Hud.gov, and somewhere on the site you can look and see what the max is for where you live. You will probably have to pay the chargeoffs to get any type of mortgage. Opt out - absolutely. Many people swear here that when applying for a mortgage, scumbag CA's come crawling out of the woodwork because they know you are vulnerable. Opting out seems to resolve the issue. Do it now.
Another reason I wish I had found this board several years ago. But I'm not sure there was an opt-out option then. When we went to refinance about three years ago, a bogus chargeoff appeared on my husband's CR. We know that it's not his, or if it is it's an illegal entry. He had a BK in 1990 (was already over 10 years old then) and had not had any credit since that. So it was either entirely made up or it was an illegal reage/reinsertion of something that had been included in BK. We were lucky in that I qualified for the mortgage on my own, so I refinanced in my own name. But in researching his alleged chargeoff, I found this forum. I've been around ever since, lurking for several years and finally joining. If we had opted out, I bet the item would never have appeared and we would have been saved a lot of grief.
THANK YOU THANK YOU and THANK YOU ...Does anyone know the easiest or quickest way to do this..Do I just call them..Or can I do it on their respective websites ?
Call 1-888-5 OPT OUT I would give it more than a week. Just heard from someone who only waited a week - they got him already. Do the permanent opt out (it's really for 2 years, you sign papers). Give them time to get it back and process it.
Simply call the number. Calling that 1-888 number will opt you out of the marketing lists for ALL the 3 bureaus. No need to go to each CRA's website and opt out
