• Content Count

  • Joined

  • Last visited

Community Reputation

0 Neutral

About jared_strauss

  • Rank
    Impressive 100+ postings

Profile Fields

  • Location

Recent Profile Visitors

429 profile views
  1. Th reason for the secured card? A third positive tradeline will benefit you further. In respect to why you may have to address the collections: it could be a condition in order to qualify. That's why I say to call 3 local mortgage brokers and inquire with them so you may find out for sure. I wouldn't assume that you would have to wait till 2016, unless you stick to your plan. Like I said, you may qualify much sooner than that. In respect to your current plan of attack, you may want to debate the fact that you could probably negotiate settlements on your own for 20 - 50% of what you owe
  2. I just watched an amazing video of an FTC workshop that I think everyone here will enjoy... It can be viewed at - http://www.ftc.gov/video-library/index.php/ftc-events/life-of-a-debt:-data-integrity-in-debt-collection-part-4/2468007208001 (Willingtocope - there is an embed option on the video but it didn't embed correctly in the post here. Is there a way to make it work?) The first half of the video is relevant to debts that are within stats. The other half is dedicated to accounts that aren't. Lot's of insight here....
  3. You more than likely will need to address the "2 Collections from the CO one for 2k, the other for 3.5k" previous to applying. You'll probably qualify (credit-wise) for FHA within 12 months of doing so, possibly sooner. Also, please understand that it is very possible that your credit score will go down when you address those accounts initially, due to the recency of activity. If it does, it will generally rebound with time. You could also potentially accelerate the recovery of your credit score by acquiring a secured credit card. The increase won't be immediate when doing so, but sh
  4. I just called Bank of Oklahoma to inquire on their FHA mortgage loans for consumers who have filed Chapter 7 bankruptcy. According to Ethan Wagner, who is a loan officer at BOK (who can be reached at 918-488-7112), generally speaking, to meet the definition of establishing new credit under FHA guidelines all you need is one credit card that has been opened and paid on for 6 months. He also indicated that a 640 credit score is required by his bank. Which he said is fairly easy to achieve for people in this situation. And are you ready for this? It doesn't matter if the reestablished credit is
  5. Did you watch the 2 minute video? Apparently not. Please do. And then you tell me...
  6. Like I said it was post # 47 in this thread - http://www.creditinfocenter.com/community/topic/320644-pentagroup-ignored-dv-letter-in-march-now-sending-documents-in-june/page-3 You said it in reply to: "My situation is clear: the debt is 100% valid, the tacked on fees, maybe, can be arguable to a pointI had previously settled 3 other CC accounts that show as settled in some form or another on my CR. 2 other accounts (inc this one) show as unpaid for over a year and a half.I had spoken to the OC prior to charge off in an attempt to negotiate a settlement and was unable to secure one that
  7. Really? What do you think prompted me to post here to begin with? This is my first post here (# 17) - http://www.creditinfocenter.com/community/topic/320512-talked-to-collection-company-before-reading-how-to-handle/ And it had to do with what you claim you guys "never tell anyone". These adversarial moves are incited by the "staff" here constantly without consideration of the consumers goals or an explanation of any of the cons or possible reactions they may expose themselves to. Maybe if it's all lumped together you will see that... Willingtocope said - "Since the debt has been
  8. First of all.... wow! PC thank you for taking the time. That was really kind of you to share your info. Although, I have learned over the last few weeks that they're not interested in it. Which is unfortunate. Willing, do you ever take off the tin foil hat? I mean seriously... you're doing it again. Except now you are insinuating that I'm posing as people. You know what cracks me up the most... is that most of the "staff" here paints debt collectors in this evil light and makes consumers think that if they verbally communicate with one that they'll be "abused". When in reality, you gu
  9. Admin, as I outlined in one of my first posts on this site, the JDB rarely gets any documentation when they buy the accounts. In most circumstances, the information they receive is via an Excel spreadsheet and it's data only. In most circumstances (probably 95% of the time), statements, affidavits, and original credit apps must be ordered by the JDB. I'll be back in couple days to respond to the rest...
  10. That's not what I meant when I asked "which is it". Admin said: "If a JDB sues you, you can beat them in court." I've read many replies on here that imply that JDB's can't get the documentation. Heck, one on your administrator's - Willingtocope - even tells people "JDBs almost never have any legitimate documentation that the alleged debt is valid." and "And, never send money to a CA or JDB unless ordered to by a court." On a side note: how radical of a perspective is this? So I'm better off exposing myself to a potential judgment, court costs, back interest, and attorneys fees in
  11. Debtzapper that is just ridiculous. I'll ask again... How is it in the consumers best interest to potentially prepare a collection entity, that is well known to litigate more commonly than others, with the documentation they would need to successfully obtain a judgement? Isn't the consumer better off if they're sued when Midland doesn't have the documentation? These questions are relevant considering that they're the reason and cause for my statement. Answer them. If anything, you're the one making false implications due to the impression that you're creating by insinuating that they L
  12. Please explain to me how we're not on the same page. I really would like to understand the point you're trying to make. How does that case reflect that there isn't increased risk when sending a debt validation letter on a valid debt? Because they'll sue regardless? And if so, are you saying that they sue every account? Because again, that would be the only way that a debt validation letter on a valid debt wouldn't have an impact on the probabilities. Do you disagree with that? From what I gathered from your response, this is my response: the fact that Midland sues when they lack the
  13. In most circumstances the collection agency will generally make the recommendation to the original creditor since they're the ones that acquired the information necessary to make the recommendation. Then, you're right, the original creditor makes the final call when placing it with a local collection attorney. Most collection agencies don't actually sue accounts themselves. In the JDB situation: the JDB generally won't be spending any money on the validation until they have exceeded a 10% threshold on the portfolio. As that is pretty standard for most debt purchasing agreements. In the ev
  14. By the way, here are the historical interest rates for FHA mortgages - http://portal.hud.gov/hudportal/documents/huddoc?id=fharates_current.pdf You'll notice that in 2013 it's 3.53%. Although, that rate has obviously risen in the last couple of weeks like the conventional rate has. But as you can see, they're fairly consistent with each other. And as far as down payments go: they're 3.5%. See - http://www.zillow.com/mortgage-rates/finding-the-right-loan/fha-loan/