Jump to content

Should I waje up the sleeping giant??


arthur280
 Share

Recommended Posts

I have a repo with Chase in 2001 and its due to fall end of the year. The problem is I am in the process of buying a house and I need to clear it. I am not sure if I should send the request for investigation and wake up the sleeping giant since I am stil within SOL in IL 10 yr. Please, I am desperate for some advice!!

Link to comment
Share on other sites

Our SOL is terrible, isn't it! :)

In terms of clearing the account, are you specifically trying to say that you want this account removed from your CR's? If you know this account is yours, an investigation is only going to bring that information right back to you - especially when it's coming from a big gun like Chase. In my opinion, since it's set to fall this year, I wouldn't bother opening up that door.

Link to comment
Share on other sites

I have a repo with Chase in 2001 and its due to fall end of the year. The problem is I am in the process of buying a house and I need to clear it. I am not sure if I should send the request for investigation and wake up the sleeping giant since I am stil within SOL in IL 10 yr. Please, I am desperate for some advice!!

Not that you asked and at the risk of being accused, once again, of being a "collector"; might I suggest that if you have a repossession debt which is legitimate and which you owe, perhaps you are not in a financial position to buy a home right now.

I would suggest, after going through the proper vetting process, that you find a way to settle the debt before you buy a home (a process that might also afford you the opportunity to get the tradeline removed once and for all).

Link to comment
Share on other sites

Not that you asked and at the risk of being accused, once again, of being a "collector"; might I suggest that if you have a repossession debt which is legitimate and which you owe, perhaps you are not in a financial position to buy a home right now.

I would suggest, after going through the proper vetting process, that you find a way to settle the debt before you buy a home (a process that might also afford you the opportunity to get the tradeline removed once and for all).

I believe this is when I break out the Tar and feathers and make rude/crude accusations about Robert_Nashville.

Re-reads his post and find myself agreeing with him. Puts up tar and feathers, and whispers to self. Next time we get him good!!!!

All jokes aside, with a 10 year SOL you really need to deal with this so it does not come back to haunt you.

Link to comment
Share on other sites

You say you are in the process of buying a home, have you applied for loan? What does the lender say about it? Sometimes things that old don't even show on the CR's they pull up. I know, this happened to us. Sometimes they will choose to ignore things that old, provided you haven't had any problems since then.

FHA is very forgiving and will approve loans with scores as low as 580 (average of all 3).

Link to comment
Share on other sites

I'm in the process of removing some of the other ones. I had 6 deletes so far, and waiting for some little ones to be removed. Lender told me to remove as much as I can, and it appears that the repo still showing and due to fall of this year. my average is 580 and I am in the process of settling 3 accts. Last 2yr everything is current. I should probably try not to wake up the giant for now!!

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...