mariner Posted September 28, 2005 Report Share Posted September 28, 2005 I am trying to refinance and I have several charge-off's that are past the SOL. How do I address these when dealing with the loan officer? Link to comment Share on other sites More sharing options...
mariner Posted September 29, 2005 Author Report Share Posted September 29, 2005 I am trying to refinance and I have several charge-off's that are past the SOL. How do I address these when dealing with the loan officer?Bump! Any suggestions? Link to comment Share on other sites More sharing options...
blacksurfer Posted September 29, 2005 Report Share Posted September 29, 2005 One word: settle!They won't refi unless those debt are taken care of. Offer 30% to them or wait until the debts fall off your credit report. Link to comment Share on other sites More sharing options...
firstsource Posted September 29, 2005 Report Share Posted September 29, 2005 I disagree.Don't pay them if all they are going to report is settled. Offer and take only "paid collection" or deletion.Settled won't give you the score boost you want, and if your file ends up being manual underwritten, it looks bad. If your loan officer is knowledgeable about credit, and if you qualify for a conforming loan, and if the collections are under 7 years, he may have to have you pay them off at closing. Don't pay them before closing under any circumstances. Charles Link to comment Share on other sites More sharing options...
mariner Posted September 30, 2005 Author Report Share Posted September 30, 2005 Thanks for the answers!!! Link to comment Share on other sites More sharing options...
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