DV or PFD?

[Anonymous]

I have a few unpaid collections accounts from about 5.5 years ago (REALLY young and REALLY irresponsible!). Since they are past the SOL for my state of IL, I am working to try and get these off my CR as my husband and I are starting the search for our new home.

My question is do I DV an upaid collection first, and then send a PFD? Or do I just try to do a PFD upfront? I assume that offering to pay the balance (or settle) is better, but I'm at a loss. I've been readding this forum for about a week now and I still cant get a handle on some things.

Thank you!

[Anonymous]

DV first - it is your legal right to have them validate it.  And then once you have in YOUR grubby hands proof that it is past SOL you have leverage for a PFD (full or partial payment).  Do NOT mention to them ever that you are house hunting.  Many times creditors soft pull reports and wait for a mortgage pull - then they know they have you over a barrel and will pay just to be able to close.

Don't app for the mortgage until your credit is clear - and try to remember everything that might not be on there now....

EDITED BECAUSE I NEED TYPING LESSONS!!!!!!

Message Edited by Lady_Scarlet on 01-14-2008 07:57 PM

Message Edited by Lady_Scarlet on 01-14-2008 08:18 PM

[Anonymous]

Thanks! I knew this process wasn't going to be easy, but I didn't realize it would be so overwhelming!

[Anonymous]

Just for the record - I sell houses and BUYING A HOME is in the top 5 of life stressors...behind death of a spouse and divorce.  Having a baby actually comes after it.

It is a process - and you tackle it one step at a time.  concentrate on only that step until it is done and then the next step -- pieces versus whole theory.  One puzzle piece at at time until every piece is in place..

Message Edited by Lady_Scarlet on 01-14-2008 08:18 PM