Mortgage approval with unpaid charge off?

[igids1]

Is it possible to get a mortgage, probably FHA, with an unpaid charge off? There is no CA reporting on this. It's almost five years since last payment, and I'd rather not pay it if I do not have to.

[Anonymous]

I'm no expert, but I think it would depend on the amount owed and you're credit scores.

[igids1]

1100, for sake of argument, will use 640 score. Have some things that should be coming off soon.

[Anonymous]

Once again, I am no expert and someone may have a better understanding of this than I do, but I have read and saw threads posted here that indicate with a score of 640 or above a charge off under 5000 may not need to be paid. You might want to consider calling a few lenders and explain the situation to them and see what they advise you to do.

[llecs]

It's a YMMV on the lender. I'd take steps now to pay it off and maybe you'd gain quite a few points in the process. If not wanting to take action now, then at least have the cash reserves to the side to have the ability to pay it off if you had to.

[luckelle]

Please, please. If you have the money to spare. PAY IT. The last.....thing you want is for that account to pop up during your home buying process. Collections are notorious for popping up during a pull by a CA who sees a mortgage inquiry. My 10 cents.