Mortgage broker says do not pay collections???

[Anonymous]

I am looking to buy a place in a year.  I had a mortgage broker run my and my husbands credit which had alot of collection accounts in it.  We are financially able to clear up our collections while maintaining our usual bills.  However it would take awhile, this would certainly mean that it would take awhile for our scores to reflect this.  My mother in law is willing to give us the cash interest free.  About $7000.  My broker says not to do this as it would bring these collections current.  Alot of these collections are reporting still every month so what is the difference.  They will continue to report if I dont pay them.  I thought of trying some PFD's. I just want them to go away.  What she says makes no sense.  I understand I shouldnt touch the ones that havent reported for awhile but the recent ones??? What should I do???

[Anonymous]

I agree with you -

If they are updating every month PFD them-

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steph_frazzled wrote:

I am looking to buy a place in a year.  I had a mortgage broker run my and my husbands credit which had alot of collection accounts in it.  We are financially able to clear up our collections while maintaining our usual bills.  However it would take awhile, this would certainly mean that it would take awhile for our scores to reflect this.  My mother in law is willing to give us the cash interest free.  About $7000.  My broker says not to do this as it would bring these collections current.  Alot of these collections are reporting still every month so what is the difference.  They will continue to report if I dont pay them.  I thought of trying some PFD's. I just want them to go away.  What she says makes no sense.  I understand I shouldnt touch the ones that havent reported for awhile but the recent ones??? What should I do???

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[Anonymous]

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steph_frazzled wrote:

My mother in law is willing to give us the cash interest free.  About $7000.

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Is this a loan or a gift?  If it's a loan, make sure you sign a written agreement.  Consult a tax attorney or accountant.  Otherwise, I smell disaster. 

[Anonymous]

it is a gift, we did not have a wedding so she is willing to do this.

[Anonymous]

What is the DOFD  DOLA and SOL on these collections?

[Anonymous]

Its about $7000 in collections I want to clean up.  $4000 of it is HSBC Rhodes DOLA was early 2007.  It was sold by Rhodes to Curtis Barnes collection agency ( real lowlifes)  they have not reported anything yet but I suspect they will soon.  I am hoping to get an agreement to pay and have them not report anything.  I know that I owe the debt should I still validate???  They sent me a letter on co letterhead statin I owe and OC's name and amt.  Is that dv???  Another $1500 is capitol one DOLA is more than a year but less than 2 years.  This is in collections with Calvary Portfolio they reported last month.  I am hoping for a PFD, right way to go???  There are some medical w/ no activity but recent reporting. 

[courtney091082]

They say not to pay because instead of your date of last payment being lets say for example 05-05 which is 24+ mos old, it will now say 01-08, therefore it could hurt you.  I am going for an FHA loan in the next 6-9 mos I hope and I can't have any baddies from the last 12 mos.  Eventhough it looks good that you paid it, it is still a CO or collection You see what I mean? I was amazed too LOL

I was advised to PFD everyone that is on my CR, but don't pay just yet...unless they agree to PFD of course

If anyone has further input go for it I am very new to this

Courtney

Message Edited by courtney091082 on 01-29-2008 09:02 PM

[Anonymous]

PFD!

I wouldn't send a penny until they agree!