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SOL Help/Question

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Anonymous
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SOL Help/Question

I sure hope some of you an help me! Here's the back ground:

 

I was getting ready to apply for a Mortgage with my husband, I had pulled credit/scores, ect... We were golden. When we went to our lender, I have a charge off that appeared, it wasn't there before. This is a store that I purchased something, thought it was paid off & it just appeared. Yes, I owe it, have no issue paying it. Our lender told us it has to be paid, but wouldn't explain to me if once it is, if we'd be declined due to having a Charge off on my report. Yes, warning, going to look for new lender once this is said & done!  I took this out in Texas (living in Wisconsin now) the SOL is 4 years. This will expire Jan of 2017...or does me moving to Wis change this?  From my research, it appears this company doesn't play nice & won't do PFD. It's owned by the OC, not a CA.

 

My question: Do I leave it alone for now and wait until SOL is expired? Then contact them to pay it/settle for PIF? OR  Do I try now? I'm afraid they won't want to negotiate with me. Thank you so much in advance!!

 

This gave my hubs cold feet on getting the house, he thought it was some sort of sign we shouldn't. So waiting on the loan isn't the deciding factor at this point.

 

 

 

Message 1 of 6
5 REPLIES 5
RobertEG
Legendary Contributor

Re: SOL Help/Question

It is standard for mortgage lendors to require satisfaction of unpaid, delinquent debt prior to loan approval.

You may find that same prerequisite with other lendors regardless of SOL status.

If it is requried, you may have no choice to pay.  Moving to another lendor and waiting  for credti report exclusion will likely not shield the debt, as they will likely ask for disclosure of any unpaid, delinquent debt as part of the application process.

Message 2 of 6
Anonymous
Not applicable

Re: SOL Help/Question


@Anonymous wrote:

I sure hope some of you an help me! Here's the back ground:

 

I was getting ready to apply for a Mortgage with my husband, I had pulled credit/scores, ect... We were golden. When we went to our lender, I have a charge off that appeared, it wasn't there before. This is a store that I purchased something, thought it was paid off & it just appeared. Yes, I owe it, have no issue paying it. Our lender told us it has to be paid, but wouldn't explain to me if once it is, if we'd be declined due to having a Charge off on my report. Yes, warning, going to look for new lender once this is said & done!  I took this out in Texas (living in Wisconsin now) the SOL is 4 years. This will expire Jan of 2017...or does me moving to Wis change this?  From my research, it appears this company doesn't play nice & won't do PFD. It's owned by the OC, not a CA.

 

My question: Do I leave it alone for now and wait until SOL is expired? Then contact them to pay it/settle for PIF? OR  Do I try now? I'm afraid they won't want to negotiate with me. Thank you so much in advance!!

 

This gave my hubs cold feet on getting the house, he thought it was some sort of sign we shouldn't. So waiting on the loan isn't the deciding factor at this point.

 

 

 


State SOL has no bearing on reporting. That only determines the length of time the creditor has to force payment through the court system. There are plenty of lenders that will still approve you with a paid charge off. Visit a mortgage broker - they work with multiple lenders for buyers with varying levels of damaged credit.

Message 3 of 6
Anonymous
Not applicable

Thank you for the reply's. We are waiting on applying for...

Thank you for the reply's. We are waiting on applying for the mortgage, this gave my husband cold feet.

 

I'd like to know if I should wait to pay it, or pay it now. I would ideally like to be PFD, but from the research I've been doing I don't think that will happen. SO, should I wait till I have a little more "power" once the SOL is expired? Or do I see if I can work something out now? What is the wise thing to do? 

Message 4 of 6
RobertEG
Legendary Contributor

Re: SOL Help/Question

If you have flexibility, I would wait.

Message 5 of 6
Anonymous
Not applicable

Re: SOL Help/Question

Thanks again. That's what I was thinking, I feel I'll have leverage, hopefully

Message 6 of 6
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