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How to handle a debt that is 5 years old


Guest newhouse4us
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Guest newhouse4us

Help, I have a dilema, I have applied for a mortgage that is set to go through as an FHA loan, however I have an old debt that was from a car repossesion five years ago. Never mind the details, going through a divorce, no money etc, i simply could not afford to keep it. I have not heard from the CA in at least fours years or more, but the mortgage officer tells me I have to have it paid or showing that I am in a payment agreement with them before I can get my final approval, the amount showing on my credit report is 11,000, last activity is 5/03. I know a lot of this is the fees they tacked on, I didnt' even pay that amount for the car. Anyways, what is the best way to handle this? It was a nightmare dealing with the car loan place in the first place. They have turned it over to a company called PAYPAX. So, should I try to settle, or what should I do, I can't stand the idea of missing my chance to get this home for me and my kids. Thanks so much!:)

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Either way, if you want the mortgage, you need to settle this somehow. First thing, when the car was repossessed, did you get any paperwork on what value the car was resold at? If you have it, that should have automatically been applied to the loan. As for the interest they tacked on, I'm not sure but I think there is something about how they can legal calculate fees to be attached. Maybe someone can give you some info here but you should try the DMV and see if they have any information on the vehicle. It's gonna take a little bit of digging, not sure what kind of time frame you are working with.

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