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Home Equity Loan and Charge Offs
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Posted by Suz
(12.219.163.253) on July 11, 2003 at 04:00:46:
Just got approved for a FHA loan for $130,000 if I pay off the charge offs, approx 10k, they will roll it into the new loan. So my question is I don't want to pay the full amount of the charge offs, some are past SOL, some are not. I want to pay like 30% and have deletion of the accounts. Maybe up to %50 if pushed. Is this possible to do on my own? I own my own home and only owe 20K, probably worth $150k but want to upgrade alot and I have alot of equity obviously. So who is responsible for negotiating with the Collection agencys? I'm not in any big hurry to upgrade and if they tell me I have to pay them off in full I want to say forget it, advice? I'm in AZ. This loan is through the homebuilder and I'm leery of letting them handle everything. I would rather stay here than pay them (CAs) 100%
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