I'am thinking of just trying to see if I can settle my depts as" payed as agreed "or outright deletion with payment so I can obtain a decent % rate on a morgage . I have about a dozen bad charge offs . I'am at 487 beacon score, I want to at least be in the mid 500's after this . Do you think it is worth it given my time frame ? toolhound
Toolhound. What's your timeframe? I'm not a mortgage expert but to qualify for FHA you have to have a score of at least 620 (someone please correct me if I'm wrong). Your talking about being in the high 400's and even if you move into the 500 range you'll still be sub-prime, which is probably 8% plus. How old are the charge off and have you tried to negotiate with any of these creditors. I know from experience that you can't close the mortgage until you satisfy the charge offs. If you start wheeling and dealing for deletions that could take some time. Good luck.
