topic Re: Can I get mortgage with repo in Mortgage Loans

Can I get mortgage with repo

cjane1 — Sun, 11 Sep 2016 20:16:45 GMT

I want to purchase a home next year but I have a repo with 7 months to go until the SOL is up...My loan was with Santander and owe a total of 7700.00, The collection went to Cascade Collection but the weird part is that it is showing on my credit reports that I made a payment last December which is incorrect. Should I wait until the SOL is up or call to make payment arrangements? I was thinking they may think they have longer time period to sue because it was reported a payment in December.

Re: Can I get mortgage with repo

DallasLoanGuy — Mon, 12 Sep 2016 21:26:51 GMT

you can get a mortgage with that unpaid.....

cant advise you on SOL, ect.

Re: Can I get mortgage with repo

Anonymous — Tue, 13 Sep 2016 21:53:38 GMT

I'd be careful about applying for mortgages with that in SOL. Once they see you're applying for mortgages they're likely to sue or take further action knowing that you're trying to buy.

Re: Can I get mortgage with repo

Anonymous — Mon, 28 Nov 2016 16:01:15 GMT

You cant get a loan with a collection on your report. Not sure what that other user was refering to. Investigate the SOL and if you they recovered and sold the car is that 7700 reflect that? if not that may help you do a PFD.

Re: Can I get mortgage with repo

MauiMan85297 — Mon, 28 Nov 2016 17:14:19 GMT

@Anonymous wrote:
You cant get a loan with a collection on your report. Not sure what that other user was refering to. Investigate the SOL and if you they recovered and sold the car is that 7700 reflect that? if not that may help you do a PFD.

This statement is totally false, you should be more specific and not generalize. You can get a mortgage with open collections.

Re: Can I get mortgage with repo

DallasLoanGuy — Mon, 28 Nov 2016 17:40:08 GMT

@Anonymous wrote:
You cant get a loan with a collection on your report. Not sure what that other user was refering to. Investigate the SOL and if you they recovered and sold the car is that 7700 reflect that? if not that may help you do a PFD.

TOTALLY FALSE!!!!!!!!!!!!!!!!!!!!!!!!!!

Re: Can I get mortgage with repo

Charnele1989 — Tue, 29 Nov 2016 18:11:23 GMT

Re: Can I get mortgage with repo

VALoanMaster — Wed, 30 Nov 2016 17:40:56 GMT

@cjane1 wrote:
I want to purchase a home next year but I have a repo with 7 months to go until the SOL is up...My loan was with Santander and owe a total of 7700.00, The collection went to Cascade Collection but the weird part is that it is showing on my credit reports that I made a payment last December which is incorrect. Should I wait until the SOL is up or call to make payment arrangements? I was thinking they may think they have longer time period to sue because it was reported a payment in December.

Hi Cjane1,

There are 2 different SOLs.

1) The first SOL is the length of time an account can stay on your credit report. This is generally 7.5 years from the date of last activity. If Cascade Collection reported that you made a payment when you did not, they are illegally re-aging your debt which allows it to stay on your credit report longer.

2) The 2nd SOL is tied to how long a creditor has to sue you for the debt. This SOL varies depending on the state & the type of debt so you'll want to Google the SOL for your state.

A couple of things to remember.

1) The SOLs do not cancel the debt. The creditor can continue to attempt to collect the debt for as long as they want but once they lose the ability to sue & report the debt on credit they generally give up.

2) Some creditors will still take you to court for a debt that is outside of the SOL because they have a 50/50 chance that the debtor won't show up which means the creditor wins a default judgment.

If the account is past the SOL for suing you, I would leave it be since it doesn't have to be cleared to qualify for a mortgage.