I think for as long as I have read on CNET this is my first post, 1st time in the saddle so to speak. I currently have a situation that I need advice on, before begging you guy's for problem specific guidence. Basic background. Until about 2.5 yrs ago I did not know about my rights, credit repair ectra. I did the Lex Law thing..I Know..12months at 60$ They did get a little off but left me with no paper trail, no idea where I was in disputes ectra. I found Art of Credit shortly before they dissapeared but long enough to get rid of Lex. more later.. Current Situation: The wife and I have been trying to get a 1 time close mortgage for constuction, The Broker we have been dealing with called today said we are a "level 1" ?? and that they may need all past unpaid debt to reflect paid on our CR's and that He would be willing to help negotiate for "pennys on the Dollar" to show paid. I didnt feel comfortable with that. Most all debt received while on 2.5 yr stint in Colorado, Texas resident agian since spring 2002. Basic Credit. Me EQ 621, EX698, TU641 Exemplory pay history since2001 Several medical CA's all wifes procedure covered by Cigna at the time, I dont remmember signing anything exept possibly as "person to notify" these show delinquent around 2002. Never ever a peep on this debt from OC or CA just tradelines. 1 Cap1 charge off paid for less than full balance. 1 Providian, West ASSt (will get to this on another post) re-age. almost all 2002 or older. Wife EQ 600,EX 629, TU 554. Basically same as mine, with addition med related to same incident, 1 college loan (for later post) 1 cap1 chargeoff. Basic question: Based on what the broker said, whats yr opinion at a glance? We have stuggled with credit issues for yrs and now I can generally buy what we need, but are accustomed to live without certian perks so holding off a year would not kill us. I am leary to pay around 10-12,000 bucks just to have a construction loan facturing SOL's, 7 yr waiting, and possible deletion by other means, basicaly what hes saying is put that debt on the mortgage and finance it for 15 -30 yrs I know this isnt much to base an assertion but I have to start somewhere any request for clarifications or additional info I will glady submit. At a glance whats your thoughts? Thanks very much Western
Construction loans are a little more stringent. 620 with less than 500 in delinquent debt reported is the general rule of thumb. Sounds like your broker is in the ballpark for 100% financing. If you're around that in delinquencies, I'd consider paying them in order to secure the note. Then work on getting the tradelines removed and re-fi at a better rate. I will say this, Capital One, Providian/WaMu, and West Asset will require litigation in order to obtain removal. You may consider filing a complaint with the Virginia Corporation Commission regarding Capital One if they are not marking the account as in dispute but, the other two require a civil action to remove (in most cases).
Thanks for the response. The amount would be in the $8-10,000 range all med cc debts combined the cc are about $4000 between my wife and I. It is for 100% financing, since I have equity in the land and can secure a 3 acre release for const. The thing w/ the cap (wife) and my Providian is both acc's were less than $1000 but they have grown to around $2000 plus some how. in fact they were not in default till the med thing arose and we called to cancle the cards and requested balances to pay off prior to her surg. boom next we hear they put thier yearly fees on and placed them into overlimit 2 months early, I refused to pay the yearly thing due to them doing this before the year ly dues where due.. they said that since they were overlimit we were unable to close the acc.. fact some how I ended up in a class action from California agianst providian for fraudulent billing practices and got like 16 bucks..???go figure Thanks agian, welcome anymore feedback or "try this" advice
