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.
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.
They are not old now since they have been paying on em.
okay I read further, yeah you re-started the aging process.
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????
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!!