Hi folks, This is a follow up question to my earlier thread: Attorneys/Arbitration/BankOne >long I'm starting a new thread as this may apply to a broader readership: QUESTION: Aren't there dangers in beginning a dispute process (step 1: validation) when you want to apply for a mortgage in a few months and this is the last major blemish on your record? I'm VA qualified, and I understand that the VA loan requires you to settle a CO like this ($5,800) before they'll give you a mortgage. My Credit Score: Just under 600 ISN'T IT LIKELY YOU'LL HARDEN THE OTHER SIDE when you could settle for a % -- or is the bare-knuckled approach necessary to soften them up and realize they should settle for 50%? CONFUSED IN NJ -- and would really appreciate guidance!
My last CO came off after I received several mortgage pre-approvals. I would try it and then apply for a mortgage.
It all depends on what you say in the negotiations: "Gee, Mr. CA, I have a $10,000 down payment for a house and I owe you $5,000. How about we settle for $200 so I can get my house?" -or- "Gee, Mr. CA, I've been accepted to go to Antarctica for 5 years as part of a scientific expedition as cook. Can we settle this for $200 before I leave or after I get back?" Which of the above is more likely to get the CA to settle?
