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Mortgage with chargeoff?

Discussion in 'Credit Talk' started by crile, Jul 1, 2003.

  1. Jul 1, 2003 #1
    crile

    crile Member

    Will a lender close on a mortgage if I have a charge off account outside of the statues os limitations? If not what are the chances of the CA accepting pennies on the dollar?

    Thanks,
    Crile
     
  3. Jul 2, 2003 #2
    SLOYAROLE

    SLOYAROLE Well-Known Member

    Good Luck
     
  4. Jul 2, 2003 #3
    jlynn

    jlynn Well-Known Member

    If you go for settlement, make sure everything is written!
     
  5. Jul 2, 2003 #4
    delilah131

    delilah131 Well-Known Member

    I think it might also depend on the amount? Not sure about that.

    Most of the lenders I have talked to all say I need to pay the charge-off before we can close.

    peace,
    delilah
     
  6. Jul 2, 2003 #5
    WALLST

    WALLST Well-Known Member

    I had 3 that were NOT paid, one was for 8K, but they were 6 years old,I still got a 103% mortgage at 7.76% in Dec. 02. It was through Decision One


    WALLST
     
  7. Jul 2, 2003 #6
    crile

    crile Member

    thanks for the replies!
     
  8. Jul 3, 2003 #7
    Mycroft

    Mycroft Well-Known Member

    Re: Re: Mortgage with chargeoff?

    If you want to get a settlement, don't tell them you're looking for a mortgage. That makes them less likely to settle.

    Also, a settlement could lower your scores short-term. You might want to apply for the mortgage first, let the underwriter stip you for the collection, then pay it at closing.
     
  9. Jul 3, 2003 #8
    betacredit

    betacredit Well-Known Member

    Re: Re: Re: Mortgage with chargeoff?

    That's exactly what I did. I was concerned that updating a chargeoff to paid would lower my scores because there would have been some activity on the account.

    I think there would have been a problem had the loan officer known about it before.
     

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