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First time home buyer

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rokkstarre
Valued Member

First time home buyer

Hello,

 

I've been renting for about 3 years and now I've gotten the homebuying bug! My lease ends in November, so I'm working to get my credit in order. I allowed someone to use my credit to purchase a car that was eventually charged off at $19k (yeah i know, stupid me! lol) in 2006. I don't intend on paying it, it is beyond sol and should age off of my CR in 2013. Do you think there is no way in H- E - double hockey sticks I can get a home loan with this on my credit report. The person who used my info stated that maybe a letter from her along with my letter of explanation may do the trick ??? thanks!

 

I'm in Texas if this helps any!

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1 REPLY 1
ShanetheMortgageMan
Super Contributor

Re: First time home buyer

Ouch, yeah that would be a case-by-case situation, but if it's past the SOL, and can prove that (you are the lawyer in your case needing to prove, without a doubt, that it is no longer collectable, this means in writing, with law, that you can transpose in a clearly understandable way to an underwriter who already is skeptical about your situation and doesn't want to spend a ton of time on it anyway - basically this means just looking up SOL information online from government sources, attorney opinion letters which if you Google hard enough you'll be able to find, definition of what your type of debt is and how it applies to the SOL, etc.) then you have a better chance of not having it to pay it as part of the approval process.

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