Defunct Credit Card company

[Anonymous]

So, after reading all the responses, there is one final question: It looks like I will have to pay this debt to be able to get this Loan? I can't wait 30-45 days for them to verify the debt.

[MarineVietVet]

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@Anonymous wrote:

So, after reading all the responses, there is one final question: It looks like I will have to pay this debt to be able to get this Loan? I can't wait 30-45 days for them to verify the debt.

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I wouldn't pay it right now. I would send the DV and wait.

Why are you up against a time limit for this? You don't say in your original post.

[Anonymous]

I am trying to purchase a Foreclosed home. Once it is listed, the investors have to wait approximately 15 days before they can put a bid in so that First-time Homebuyers like myself, can have a chance at getting a home. The specific house I am interested in, will be going on the market soon...so I am trying to work in a 15-20 day window. This debt is the ONLY debt stopping me from getting the loan.

[MarineVietVet]

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@Anonymous wrote:

I am trying to purchase a Foreclosed home. Once it is listed, the investors have to wait approximately 15 days before they can put a bid in so that First-time Homebuyers like myself, can have a chance at getting a home. The specific house I am interested in, will be going on the market soon...so I am trying to work in a 15-20 day window. This debt is the ONLY debt stopping me from getting the loan.

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Ah I see. Is paying this a requirement of the lender? It's not always so. I assume you have talked to them about this?

[Anonymous]

According to the Loan Officer, it is a condition of acceptance.

[MarineVietVet]

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@Anonymous wrote:

According to the Loan Officer, it is a condition of acceptance.

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In that case I would pay the debt and not give it a second thought. Put it all in the past and enjoy your home.

[daveg38]

Definitely agree - for two reasons:

1) Mortgage accounts are a HUGE credit score weight boost

2) Paying your small debt ($700, right?) is alot better than losing the opportunity of owning a 5 or 6 figure home.

[Anonymous]

Any ideas on how to get them to settle for a lesser amount? Called once today & they wouldn't budge...even threatened BK! They didn't care.

[MarineVietVet]

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@Anonymous wrote:
Any ideas on how to get them to settle for a lesser amount? Called once today & they wouldn't budge...even threatened BK! They didn't care.

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I can't help you there. I've never tried to settle any of my bad accounts. They were all dead from old age by the time I learned about settlements, PFD's, DV's, etc etc.