kepok Posted August 7, 2003 Report Share Posted August 7, 2003 I am trying to settle some of DH's charge offs that are all past SOL, but our mortgage guy says we must settle before closing which is in 9 days!! one of the accounts has a balance of $700, I attempted to settle for $300 with no luck, he said the offer was unacceptable. Also I mentioned that I believed the account had late charges and fees on it that I was unwilling to pay and that's why I was only offering $300. He said the account didn't have any late fees on it only usage charges (It was a cell phone), how could this be when the high credit limit on his CR is only $73!!!???Please help, Thank you. Link to comment Share on other sites More sharing options...
sisflomi Posted August 7, 2003 Report Share Posted August 7, 2003 Talk to the mortgage guy and ask him if he can escrow the amounts that need to be taken care of. If he will do that, you can neg a settlement after the sale with the creditors or ca's. He shouldn't have a problem doing this, I have read a lot of folks that have done the same. In case this wont work, tell us who the oc is, when you last paid the oc and what state your in. Also how much you owe each one. Someone will come up with something to help you out on this. Link to comment Share on other sites More sharing options...
bizwiz41 Posted August 7, 2003 Report Share Posted August 7, 2003 kepok,As a business person I suggest "negoatiating" a "settlement amount" a bit further, at this point it's not worth $400 to lose your home. With interest rates rising, that delay could costs thousands!Ask the rep "what amount would you accept to settle today?", when they say an amount (they will, they work on commission!), come back ONE TIME with a slightly lower amount. IMPORTANT: WHEN YOU ASK, OR WHEN YOU REPLY, DO NOT SAY A WORD UNTIL AFTER THE REP DOES! There is an old expression in negotiating: "The first one to speak loses" Link to comment Share on other sites More sharing options...
kepok Posted August 7, 2003 Author Report Share Posted August 7, 2003 Thank you very much for responding. I'm going to ask about the escrow account. As for the charges:AT&T $689DOLA : 8/97Providian $1626DOLA: 10/97RMA - (Originally a Sears account) - $1666DOLA :12/97I am in Oklahoma and know that the SOL is up on all 3 accounts is up. The SOL for oklahoma on open ended accounts is 3 years, and written contracts is 5 years.. so no matter where it would fall SOL is up. You'd think that some of these people would be willing to take less money since SOL is up and the accounts are so old. I've heard of people getting 25% or 35% settlement offers.. how is this? Link to comment Share on other sites More sharing options...
bizwiz41 Posted August 7, 2003 Report Share Posted August 7, 2003 Two items:1) Re: SOL...remember, SOL do NOT eliminate the underlying debt....your mortgage company knows this, and they're trying to get "insurance" that no lien will be placed against property. SOL may be okay for CRs and "suits", but the debt is still there2) Your creditors probably know you're in process of home purchase, they do watch your reports for such activity, and they think they have leverage on you now.You also might want to dispute all these on CRs as past SOL, then ask lender for "fast scoring" if they have it. Link to comment Share on other sites More sharing options...
kb9tbq Posted August 7, 2003 Report Share Posted August 7, 2003 Biz is right about the SOL, loan officers don't care about this part, but you are right that they should come down on price to settle on such old accounts.Important question is:Will your mortgage loan officer accept documentation (reciept) showing the account to be paid in full, or will he be requiring you to update the CRA to pull a new credit report?Only rapid re-scoring if offered by the mortgage company can accomplish updating the CRAs this fast.Hopefully they will accept documentaiton only so that you can move forward with the loan - and worry about updating the CRAs later.You don't have much time left on the actual reporting with the Last Activity Dates you show. If you want a good idea on settlement amounts on these accounts - link this post over to the mortgage section and ask Charles what he thinks - He is a loan officer and can give you a run down on what to expect.Best of wishes, Link to comment Share on other sites More sharing options...
kepok Posted August 7, 2003 Author Report Share Posted August 7, 2003 Thank you,Yes, the mortgage company will accept a copy of a cashiers check and a letter from the CA or OC stating the account is paid in full Link to comment Share on other sites More sharing options...
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