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Boatdrinksin06

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core_pfieldgroups_99

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  1. Thanks for the advice, Charles. Is it common to find Alt-A loans that don't have a prepayment penalty attached when the loan is refinanced to a conforming or jumbo loan? Can you recommend a couple reputable companies with competitive rates that could do a loan (all docs available) for January? Any more advice? Thanks again.
  2. Thanks for the replies. To clarify, under the OC Citibank (only on )my EQ CR says "paid charge off, account transferred or sold." The debt was for $9000, Midland lists $13,000 on all 3 CRs. I'm in MO, was in GA and this is keeping me up at night. Is it too late to arrange settlement with OC? Will this re-age debt? Will this change SOL? Or.....is there a dig in and hold my ground strategy so close to my 7 year window finally closing?? I would appreciate any options that allow me to close on this house in January.
  3. Thanks for the reply. 1. What are the ramifications of the SOL re-setting if the debt is paid and a letter stating debt paid in full is sent to me? 2. Backing out of the deal on my part would not work....our current house is selling---we'll need the house. 3. What are the chances that a deal could be made with OC and that CA activity on CR could be wiped out or be accounted for in time for closing?
  4. (...posted elsewhere, but trying again....) I have been reading the posts on this forum for months and have learned so much, but I am now in a situation that I need further advice and assistance. In advance, thanks for reviewing my predicament and sorry for the lack of brevity...... In the late 90s, I experienced extreme financial hardship in my home based business and long story short, had upwards of $50K in credit card debt. I settled a couple cards for less than full value (8/99) and through a bunch of hard work, I've been credit card debt free for a year now----Except for one account, a Citi account for $9000 that appears on my CR as a PAID CHARGEOFF and it's been assigned to a CA (Midland). The CA's entry is now on my CR for $13,000. Two years ago, I bought a house and none of this came into play. Last month, we bought our dream house and we've been told by our lender (and others) that the collection account needs to be taken care of before closing or we are out of luck and we lose the $9000 (tough bidding war) in earnest money that we put down to buy the house. We cannot afford the $13,000 to the CA, much less the $9000 to the OC at this time. A couple other points of note: I did a DV a couple years ago and I got a copy of my original credit card agreement and then did nothing from that point. A couple points of note: the SOL is obviously long gone and despite the CA re-aging this account with a date of 9/05 and despite Citi saying that the account DOLA is 2/2000, the date the credit card became delinquent was 8/99. If I wasn't closing in January, I would wait until 8/2006, when this is supposed to drop off CR, but I must close in January!! Question: Are there ever situations where lender doesn't require payment of collection prior to closing if the debt is beyond SOL? Over the next few months, I will be in a position to pay this debt, BUT I don't want this re-aging itself on my CR---I believe this would happen if I paid the debt. I'm at a loss at to what steps I need to take to salvage the January deal. This course of action will have a lot of impact on my family, so any and all advice is appreciated. Sorry for the long note, thanks to everyone out there for all you do to educate and assist all of us.
  5. I have been reading the posts on this forum for months and have learned so much, but I am now in a situation that I need further advice and assistance. In advance, thanks for reviewing my predicament and sorry for the lack of brevity...... In the late 90s, I experienced extreme financial hardship in my home based business and long story short, had upwards of $50K in credit card debt. I settled a couple cards for less than full value (8/99) and through a bunch of hard work, I've been credit card debt free for a year now----Except for one account, a Citi account for $9000 that appears on my CR as a PAID CHARGEOFF and it's been assigned to a CA (Midland). The CA's entry is now on my CR for $13,000. Two years ago, I bought a house and none of this came into play. Last month, we bought our dream house and we've been told by our lender (and others) that the collection account needs to be taken care of before closing or we are out of luck and we lose the $9000 in earnest money that we put down to buy the house. We cannot afford the $13,000 to the CA, much less the $9000 to the OC at this time. A couple other points of note: I did a DV a couple years ago and I got a copy of my original credit card agreement and then did nothing from that point. A couple points of note: the SOL is obviously long gone and despite the CA re-aging this account with a date of 9/05 and despite Citi saying that the account DOLA is 2/2000, the date the credit card became delinquent was 8/99. If I wasn't closing in January, I would wait until 8/2006, when this is supposed to drop off CR, but I must close in January!! Over the next few months, I will be in a position to pay this debt, BUT I don't want this re-aging itself on my CR---I believe this would happen if I paid the debt. I'm at a loss at to what steps I need to take to salvage the January deal. This course of action will have a lot of impact on my family, so any and all advice is appreciated. Sorry for the long note, thanks to everyone out there for all you do to educate and assist all of us.
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