What to do about repo

[cjane1]

 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.

[Anonymous]

If they are saying you made a payment in December and that is not correct get that fixed ASAP.  Dispute it with the agency that it reports that on.

By showing that you paid anything at all it reset the SOL clock and they can sue you.

As for the home purchase, you're going to have to pay it off somehow or otherwise bring it into good standing, no mortgage lender is going to approve a home loan with any open debt in bad standing.

[Anonymous]

If it drops off the OP's reports and no judgement has ever been issued and it has passed SOL then the mortgage lender will have no clue unless they pull a factual report which is unlikely.

Mortgage lenders are only interested in what is reporting and any unpaid judgements.

[Anonymous]

Moreover, nobody here can say the OP has reset the SOL on the repo.

[Anonymous]

OP said that CR was showing payment in December.  That instantly resets the clock on possibility to be sued, so SOL on repo has been reset, apparently fraudulently, hence my advice to dispute the inaccuracy.

OP did not say how long until it falls off CR, only SOL, I assume that meant for being sued, which is typically a shorter time frame than the 7 years it remains on CR.

And at least when I got my mortgage this year, we were required to take care of ALL old collections, even one for $54 that was due to fall off in 6 months.  They want no open bad debt.

[Anonymous]

The OP needs to find out if they are re-aging or actually made a payment. Not all states allow the clock to restart. The OP needs to do research.

[Anonymous]

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@Anonymous wrote:

OP said that CR was showing payment in December.  That instantly resets the clock on possibility to be sued, so SOL on repo has been reset, apparently fraudulently, hence my advice to dispute the inaccuracy.

OP did not say how long until it falls off CR, only SOL, I assume that meant for being sued, which is typically a shorter time frame than the 7 years it remains on CR.

And at least when I got my mortgage this year, we were required to take care of ALL old collections, even one for $54 that was due to fall off in 6 months.  They want no open bad debt.

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All open debt they can find.

[cjane1]

I was hoping to get passed the 4yr mark so i dont get sued. After that time settle for 50% to get it off report. I live in texas so that would be 7 before it drops off.

[cjane1]

I was thinking if i dispute now it will bring attention to my account and then they will realize they need to try and sue now. If I dispute after the 4 yrs than they will need to show proof but there is none

[Anonymous]

If you didn't make a payment and you are certain they can't prove the payment was made, go with what you feel is best.