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family member needs help!


PORTER1979
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I have a family member who has a tough obstacle in trying to obtain a mortgage under tight time constraints and need some suggestions. He has some hiccups on his credit reports but one repo is holding him back for sure for being approved on a mortgage. This repo really was never repossessed as they didn't find the collateral but is a charge off on the credit report from Americredit for roughly $18k. There has been no payment on this account for a few years but probably is still active under Texas SOL of four years. There isn't ample time to go through DV or MOV or even requesting the OC investigates the debt. What is the best way to proceed? Is there any chance at all that we can get this taken care of so he can get the house he wants(the property probably won't stay on the market for more than 30 days). Please help:confused: :confused:

Thank you very much.

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So perhaps try to find out who(if any) CA has been assigned the debt and see what kind of settlement could be reached in a lump sum? Is that the best option on a tight timeline - then maybe repair credit over the next several months and refinance in the future when credit has improved substantially?

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There isn't ample time to go through DV or MOV or even requesting the OC investigates the debt.

He's going to need more time. Even if you make a deal with the CA, they probably won't update his report quick enough...that might take 30 days or more. Even then, it won't improve his credit enough to get a mortgage. Sure, the repo will be paid, but that doesn't mean a mortgage company will take a chance...especially with all the subprime wreckage that has occured recently.

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