gravelgirl66 10 Posted August 8, 2012 Report Share Posted August 8, 2012 Hello,Hope you all can give me the best direction to take... I have (1) item left on my credit reports stopping me from purchasing a home. I had a auto loan charge-off/voluntary repo. after a BK7...in Aug. 2007. - The SOL is up next month (5 years) however not due to fall off the reports until Sept 2014. It is a deficiency balance after the repo of 12K. Every mortgage lender I have spoken to says they wont even think about a mortgage loan with that kind of balance... (lein ?) that I must settle the account. This account is still with the original creditor of Cap One...the credit report reads chargeoff/ balance: 12,223K. DOLA: 8-2007; I have disputed, DV, all that, and it still comes back... so what options?Ok- Settle ? then what I will recieve a 1099-c to pay a crap load of taxes? which i can't afford?? i dont make That much money... if i settle what would i even offer? c) will that "restart" my clock as far as falling off, bc I made a payment" ?? - obviously "waiting" until Sept 2014 is the optimal choice, however not one that I want to use... Ideas?? Link to post Share on other sites
willingtocope 1,336 Posted August 8, 2012 Report Share Posted August 8, 2012 Was the car included in the BK7? Link to post Share on other sites
gravelgirl66 10 Posted August 8, 2012 Author Report Share Posted August 8, 2012 No it was after the BK... the BK was in 2003... Link to post Share on other sites
willingtocope 1,336 Posted August 8, 2012 Report Share Posted August 8, 2012 You might investigate the UCC code regarding repos...make sure they followed all the rules about informing you of the defecit. (Sorry...you'll have to search on your own...I don't know the site). Link to post Share on other sites
gravelgirl66 10 Posted August 8, 2012 Author Report Share Posted August 8, 2012 Hmmm, well I dont believe they violated anything by looking at the UCC .. It went down as such:Bought vehicle brand new off lot Dec. 2006. Stopped making payments, July 2006. I called Cap One and voluntairly surrendered vehicle. - They had my address, asked when I would be there, etc... The knocked on my door with the repo papers, I handed over the keys, and they said have a nice day. - 2 weeks later I recieved papers in the mail, the veh. was sold at auction for 13k, with a remaining balance of 12k. (original loan was 25k). Of course they asked for the money for the first couple of years... then all letters and phone calls stopped... I have not been taken to court, and they have not sold the debt or recieved any judgement... Up until this point, I was never in any postition to purchase a home, so I let sleeping dogs lie... However, now I am in the position, and this is my hold-up... ideas?? Link to post Share on other sites
