First of all, I wanted to say that this board is great! My situation is this:House is on the market now. Been pre-approved for 150k mortgage, with stipulations as follows: verizon wireless : $841 charge-off : status 12/1996 arizona public service(utility)$337:charge-off:5/1996 wffinancial:$980 charge-off: 10/1998 FNANB circ city:$796 charge-off:04/1997 Mortgage co. wants these paid off or paperwork to show satisfied..should I try to negotiate or just payoff and tuck my tail??A few of these are so close to coming off on their own.....I'm torn
Oh gosh - definately try to negotiate! Offer the OC 40% of the balance. They have already charged off your debt for tax purposes, so anything they get is extra for them. If the debt ages off while you are in negotiations, all the better!
TJ With the situation as you describe, your best bet is to probably try for payment for deletion. Under no circumstance though should you let them know that you are going for a mortgage. If they refuse, then you will want to set it up that they get paid from closing if possible (this will prevent a new dola which can cause score to go down). If that is not possible, then pay within a day or two of closing and provide proof of satisfaction to broker who can fax proof to underwriter. Hope this helps fla-tan
What format would be best to use when approaching the creditors/collecters? It sounds like a very delicate situation to go for payment for deletion, but without offering any other info.
Re: Re: mortgage stress TJ Simply offer, in writing, to pay X% of the debt in exchange for them removing the charge off entry. You may even want to say that you have a total of $Y and that you will split that between those creditors that are willing to work with you, the rest may get nothing. fla-tan
Re: Re: mortgage stress I am currently dealing w/ a CA about payment for deletion (Called me out of the blue today and spoke to the rep and manager) Well I was told that the FDCPA forbids them from deleting tradelines. I told her I didn't wanna pay and then reage the tradeline, or course she reassured me it wouldn't. And that by paying the amount in full (1500$) it would reinstate my fico score to the prior amount it was (yeah right) so I am gonna try sending the letter to see if I can do this. There are 3 accounts one from 99, the other two are from 2000, and the SOL is 4 years in TX, so deciding what to do....Any thoughts?
Re: Re: mortgage stress I may be mistakin but nowhere in the FDCPA does it say the a CA can't delete a negative tradeline from a credit report. More likely is says that in their contract with the CRA's. The CA is full of it. EdG
Re: Re: mortgage stress Under no circumstance though should you let them know that you are going for a mortgage. If they refuse, then you will want to set it up that they get paid from closing if possible fla-tan ================= Catch 22. Ca wants paid and refuses to delete their listing so you can't get the loan to pay them. ````````````````````` To me this is refusal to accept payment or interfering with your attempt to pay them which voids their right to collect payment. The END ************************* LB 59
Re: Re: Re: mortgage stress As EdG suggested, there is nothing in the FDCPA that states they may not delete tradelines. The FCRA states that inforamation they report be be accurate, but nothing saying they must report at all. You shouldn't ever speak to a CA on the phone. They are calling for one reason only, to get your money. Once they have it you have very little leverage to deal with them. It is too bad you didn't get this particular phone call on tape, they violated the FDCPA using a false and misleading statement. Your FICO score will NOT go up by paying it, at least not without deletion of the tradeline. FICO doesn't view a paid collection any differently than it does an unpaid collection. So you have the CA lying to you left and right. 2 statements that are outright lies, but you can't prove it. If you are a one party consent state, I would advise you get a recording device for the phone and tape any future conversation with them. Best bet though is NEVER TALK TO A CA ON THE PHONE. Tell them anything they have to say they can put in writing. Gib
Re: Re: mortgage stress Under no circumstance though should you let them know that you are going for a mortgage. If they refuse, then you will want to set it up that they get paid from closing if possible fla-tan ================ Catch 22. Ca wants paid and refuses to delete their listing so you can't get the loan to pay them. ````````````````````` To me this is refusal to accept payment or interfering with your attempt to pay them which voids their right to collect payment. The END ************************* LB 59
Re: Re: mortgage stress Well, I was told that the FDCPA forbids them from deleting tradelines. LAT ================ What is the name of the lying Ca that told you this? This is a deceptive collection practice. Send them an intent to sue for the $1000 violation and offer to settle for $500 and deletion from your reports. The END ************************* LB 59
