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Established Contributor
jadeite788
Posts: 510
Registered: ‎09-25-2009
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Re: All Charge-offs must be paid prior to closing

I think its because of the large amount of Charge offs that is giving you an issue, If you had a charge off less than $1000 they would have slide, but two is pushing it.  dont get discouraged, each lender is different.


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Established Contributor
jadeite788
Posts: 510
Registered: ‎09-25-2009
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Re: All Charge-offs must be paid prior to closing

I just realized the year.  You might have hope those CO's were from 2006 to 2007, w hich would technically be in most states passed the SOL.  It depends on the DOFD.  One of them could fall off some time this  year.  The other you would have to wait in 2007.  TL stay on your credit report for 7 years plus the 180 days.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Established Contributor
jadeite788
Posts: 510
Registered: ‎09-25-2009
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Re: All Charge-offs must be paid prior to closing


tooleman694 wrote:

They are not old now since they have been paying on em.


okay I read further, yeah you re-started the aging process.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Frequent Contributor
NewbieReed
Posts: 443
Registered: ‎12-05-2012
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Re: All Charge-offs must be paid prior to closing

Ugh!! I wish we wouldve found this board before we started paying on these, OMG . what did we do to ourselves?!?!?

 

One lender suggested that I apply on my own for the mortgage. what do u guys think? My income alone is only about 55K, including my 1099 independent contractor job. DH makes about 18K a year. Without his income, we'll be qualified for less  of a house, which of course, no one wants.... IDK what to do. .. any advice?

 

Honestly, now DH is beyond discouraged and wants to quit the whole process. 

 

Is it this stressful for anyone else's marraige????

Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012
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Frequent Contributor
NewbieReed
Posts: 443
Registered: ‎12-05-2012
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Re: All Charge-offs must be paid prior to closing

[ Edited ]

UPDATE: so after a bit more digging, I've found out that the two COs were originally 7K and 10K but have grown over time with the CAs. The expected fall off dates for these accounts is in the Fall (of this year) -- DH and I talked it over and we think a good plan is to keep up with our payment plans with the CAs until they drop off (since we apparently re-aged the accts), after they fall off then we offer $ in the ballpark of the original balances for them to close the Accts as PIF, and then take 6-8 months to save 3-5% for downpayment to buy a SF home in 2014.

 

Editted for Typos incurred on my Smart Phone -- darn you, auto-correct!!

Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012
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Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
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Re: All Charge-offs must be paid prior to closing

If you are still paying them even when they drop off credit reports you are required to disclose this information.

If they are paid in full then you would be fine.
Good Luck
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