Worth the risk?
Date: Mon, 02/13/2012 - 01:23
About 8 years ago my husband in Calif. died from a catastropic medical condition. Transportation and lodging alone cost almost $10,000, and on my reduced income I couldn't survive and pay just the minimums. I don't remember the date of my decision to stop making payments.
I'm trying to help my elderly mother purchase a small home, she has about $25,000., her credit was destroyed by my sister, who stole mother's house, belongings, and income after my father's death.
I've been working on re-establishing credit, and got my scores to the high 600s, but in the last couple of months LVNV charged off two accounts, around $5000 total, I would have to borrow $3500 from mother.
I don't know if I pay to delete these items, if the other accounts will charged off also before I can make an offer on the house. I'm permanently disabled, I can't pay off the old debt. The lender says even if the debt shows paid (it would have to be deleted) that I couldn't get a loan within 12 months of the charge off date.
If my credit report shows these charged off, and never paid for, will that compond my problems later?
If these two accounts just came in, does that mean the rest of the accounts are probably about to charge off also?
Is there any way to find out my first date of being delienquent to see if its over the 7 and 1/2 years?
Will the new charge offs stay on my credit reports another 7 and 1/2 years?
Is there any chance it's worth a $5000 gamble to be able to qualify for a home loan at the current interest rates?
Thanks to you, I have learned a lot reading in this forum! I would really appreciate any answers to the questions above. Thank you.:confused:
I'm trying to help my elderly mother purchase a small home, she has about $25,000., her credit was destroyed by my sister, who stole mother's house, belongings, and income after my father's death.
I've been working on re-establishing credit, and got my scores to the high 600s, but in the last couple of months LVNV charged off two accounts, around $5000 total, I would have to borrow $3500 from mother.
I don't know if I pay to delete these items, if the other accounts will charged off also before I can make an offer on the house. I'm permanently disabled, I can't pay off the old debt. The lender says even if the debt shows paid (it would have to be deleted) that I couldn't get a loan within 12 months of the charge off date.
If my credit report shows these charged off, and never paid for, will that compond my problems later?
If these two accounts just came in, does that mean the rest of the accounts are probably about to charge off also?
Is there any way to find out my first date of being delienquent to see if its over the 7 and 1/2 years?
Will the new charge offs stay on my credit reports another 7 and 1/2 years?
Is there any chance it's worth a $5000 gamble to be able to qualify for a home loan at the current interest rates?
Thanks to you, I have learned a lot reading in this forum! I would really appreciate any answers to the questions above. Thank you.:confused:
Quote:If my credit report shows these charged off, and never pai
Quote:
If my credit report shows these charged off, and never paid for, will that compond my problems later? |
Quote:
Is there any way to find out my first date of being delienquent to see if its over the 7 and 1/2 years? |
Negative items will stay on your credit report for at least 7 years.
