Hello all, in the process of moving, I’ve bamde the decision to try and buy instead of rent. I pre qualified for a loan and the only thing keeping me from pre approval is a couple derogatoriea. I am in NJ and the lender suggested I pay off a $850 chargeoff and setttle my $3,200 with portfolio recovery. My concern was the tax hit I would take on settling and if PRA would sell the remaining debt. The lender said they cannot send me a tax form because they are not the original creditor and only bought the original debt. He also said it would be illegal to sell the remaining debt. Advice on this?
