FHA approval with 10 yr old auto repo $1789 due

[flinjami83]

We just started working with a broker today and I didn't mention this one on his CR yet because we have to be sure we can come up with our down payment first before she runs his credit, but I'm wondering what we should do about this one. 

GM Financial
Date Opened: 10/2004
Auto Loan 
Original Amount: $7569
Date of Status: 8/2009

Last reported: 4/2014

Status: account charged off. $4146 written off. $1789 past due as of april 2014.

Scheduled to continue on record until 3/2016 (TU shows 12/14 as a removal date)

Any advice please?!?! 

[StartingOver10]

Has this charge off been reduced to a judgment?

You can check the public records section of your county to see if a judgment has been issued. If so then you will need to take care of it before making application.

If there is no judgment, then work on your down payment before making application. Once you apply, you will end up on a list that collectors use to find people with outstanding debts. So if your intent is to prevent that - strongly consider negotiating the charge off completely before application.

Before you negtiate - find out if the debt is beyond the statutes of limitations. You go from the default date, not the origination date.

[DallasLoanGuy]

dont touch it.... fha never requires these things to be paid

[StartingOver10]

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@DallasLoanGuy wrote:

dont touch it.... fha never requires these things to be paid

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Even if it is a judgment?

[flinjami83]

I checked court records and there is no judgement that has been filed.

So I should just leave this alone?

[pizzadude]

When was the account charged off?   It should have dropped from your credit reports ~7.5 years from DOFD / CO.

[flinjami83]

It says charge off as of Aug 2009

how do I figure out when the DOFD was? It says in the acct hx that it was 30 days psat due as of june 2007.. that was the earliest delinquency but if I made a payment after that it would reset the DOFD right?

it says:
30 days past due as of Feb 2009 to Apr 2009, Dec 2008, Sept 2008, Feb 2008, Jan 2008, Sept 2007, Jun 2007

60 Days past due as of June 2009, Jan 2009, Mar 2008 to May 2008, Nov 2007, Oct 2007, Aug 2007

90 days past due as of Jul 2008, Jun 2008

Charge off as of Aug 2009 to Apr 2014

Repossession as of Jul 2009, Aug 2008

[pizzadude]

The DOFD is the month the account became delinquent and never became current again prior to being charged off.

[flinjami83]

Ok. Sorry I'm new at diciphering this stuff on my CR's, so according to what I typed up previously how do I determine that date? There's so many dates listed I don't know which to go by.... i'm guessing a 2009 date?

[prollinsl]

It looks like your first delinquent was June 08