Mortgage Loans

[Timothy]

They just need proof of payment - Does not mean it needs to show paid of the CR.

You might be able to put the $ in an escrow acct to be paid by the CU on closing.
This will save you from them backing out on the loan and you already paying the CA and getting the score drop.

[ashabbir1]

Thanks for your reply Tim. Do you think paying the CA would drop my score?

thanks

[ashabbir1]

I have a collection with capital one. I owe them around 1900 dollars. As everyone knows by now I am applying for a mortgage. I just received a letter few days ago from CA about capital one charge off. I want to know that if I make a payment plan with CA. That is enough proof for mortgage company that i am making payments or I have to pay in full?

Thanks

Message Edited by ashabbir1 on 09-16-2007 07:06 AM

[Timothy]

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ashabbir1 wrote:

I have a collection with capital one. I owe them around 1900 dollars. As everyone knows by now I am applying for a mortgage. I just received a letter few days ago from CA about capital one charge off. I want to know that if I make a payment plan with CA. That is enough proof for mortgage company that i am making payments or I have to pay in full?

Thanks

Message Edited by ashabbir1 on 09-16-2007 07:06 AM

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You are gonna have to ask them.
My Gut feeling is NO- They are going to want it paid.

[rk2]

well my best advice for you is go  to your lender and find out if they can do rural development loan.

good luck .