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Mortgage and ChargeOff problem possible solution
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Posted by Len
(68.70.96.76) on February 15, 2003 at 08:23:59:
During the application process for a mortage, it comes up many times that a past chargeoff has to be paid in order to get approval for the loan. We would rather not as that marks as a recent score hit, paid chargeoff is as bad as not paid, it takes ammunition away from the NOT MINE and validation steps toward clean reports. Here's my idea being submitted for comment good or bad to to be used if all this fails.
If I can't get them disputed off or removed in time.
It cannot be negotiated off with the OC or CA or the time limit is too tight.
The lawsuit isn't going to be done by the time you close.
An escrow account set up as one suggestion was made to pay them upon completion of the dispute process.
Why not pay the bills via Credit Card at time of closing or even sooner and then dispute the charges on the credit card after the validation and subsequent lawsuit was finished ? If there is some way to have adequate proof when you go into a lawsuit that this was paid under protest then is there any merit in this idea ? My bills are actually an old cell phone for 104 and a PX revolving account for 400. I'd pay them except fot the damage that will be done to the credit report that I'm going to be continuing to work on. Comments ?
Len
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