Removal of Negative Mark

[Anonymous]

Need some directions - or a little money advise.  I have a BRK on my report, its scheduled to be removed 11/2008. However, I want to purchase my second investment property but I'm worried I may have to take another loan against my 1st or 2nd property.  I would like to purchase property with no monies down, but I'm afraid this BRK will stop me.  I currently $389+ in debt which would include three mortgages, car payment and CC (just one).

I read somewhere before you can ask for a forgiveness or write a forgivens letter.  If that's true, can someone provide me with a sample of such letter.

THX

Message Edited by Higbie14 on 09-26-2007 08:44 PM

Message Edited by Higbie14 on 09-26-2007 08:46 PM

[SmartCookie]

Maybe I just need sleep but what is BRK?

Also, you are $389.00+ in debt or $389.000+?

[Anonymous]

3 houses - I am sure this 389K. BRH is an unusual abbreviation for BK.

Unless you are in an area of the country where home prices will continue to rise. I would hold off especially with 100% financing. Wait 6 months and save 10-30% off the current sales price or hit the foreclosure sales.

[Anonymous]

I am $389,000  + and I meant BK (bankruptcy).  Sorry not familiar with the short names, writing them as I go a long. 

Please let me clear up something.  I have a mortgage on two homes, my  resid and my invesmtent property.  I've been in my home for 5 yrs and I put down a lot of money, for my investment, I took out a loan against my 1st home.  I don't want to do that again.    How do I go about writing a GW (hope this is correct GoodWill) letter or should I just wait it out.

Message Edited by Higbie14 on 09-26-2007 09:03 PM

[SmartCookie]

A Goodwill letter is used to remove derogotory information before the it drops off with SOL.  Are you wanting it for something that has been paid, or ..... so that they look past a debt of $389,000??

What is going to drop off of your CRs that you want to GW, and when?

[SmartCookie]

And Tuscani's GW letter link for you:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2661