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Settlement and buying a home


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Posted by Switzer (66.192.176.30) on January 23, 2003 at 12:09:59:

Okay, so here's my situation.......

My boyfriend and I want to buy a house some time next year. (We are getting married this year). The problem is that I am wayyyyy over my head with debt. I have about $10000 in debt in credit cards. This debt is spread over 7 credit cards and my accounts are in very bad standing right now....close to collection. I am thinking about doing debt settlement, but I realize that my accounts will probably show charge off and then list "settled" if I decide to go that route. I am really worried about 7 charge offs. My question is if i do settle(rather than file bankruptcy) and I completely pay off the accounts by the end of the year, how will this effect me getting a home. Do you think that I will be able to get a home around June of 2004? One thing to add....I do have two personal loans that are in good standing that I plan to pay off by that time too. I am not going to do debt settlement with them and they total about $8000. Also, I have one credit card that has about a $300 limit that is in pretty good standing. Once I do the settlement, which will give me negative entries, will I have to wait years before I can look into buying a home or do the mortgage lenders at least take into consideration that you paid them off? One more thing.....my boyfriend has fair credit, but would need me to qualify because of the income requirements. Any advice anyone could give me would be really appreciated. Also, if you were a recent home buyer and had really negative credit when applying for the loan, if you could give me some tips on what you did to get approved I would really appreciate it. Anyone do settlement a year or two before applying for a home loan? Sorry for all of the questions.....I really need help! :)



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