Re: Would like to buy, not sure my chances
10-04-2012 11:28 AM
From my understanding, I think you have to have a formal payment arrangement and have made payments for six months in order for that to be considered. I may be wrong and someone with more knowledge or advice may chime in.
I was in the exact same situation as you. Scared and confused and just didn't know what to do. I called the OC since my account had not gone into collections and they were very much willing to work out a payment plan on a settlement for me. I originally had a 10,000 CO that they are letting me settle for 3,000, so you never know until you ask.
What I would be worried about with you're CO is are you still at risk for being sued over it? Do you know the SOL for you're state?