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Repo Charge off

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I posted a few weeks ago about our house buying dilemma... the main issue is, my husband has an old charge off from a car he co-signed on with his ex that was repo'd in 2008, for about $6000. I was asking if anyone thought we could qualify with that charge off and got several responses that we may be able to get through underwriting without paying the balance, as it's past SOL and cannot affect the title.

So, we have our pre-qualification and are now looking at houses. There are several we are interested in, and are hoping we will be making an offer within a week or so.... but. I'm SO worried that this issue is going to come up and the underwriters are going to require that we pay the balance in full, in order to close. We have the money to pay it, but I would obviously much rather that go towards our down-payment.

I'm wondering if maybe we should try offering a PFD now, for like 30%-50% and see if we can just get rid of it that way. I'm just worried that when if it comes down to having to pay it to close, that we won't have time to offer the pay for delete and will get stuck paying the FULL balance AND not getting it removed from his credit.

Does anyone have any advice, or can anyone give me some peace of mind about the underwriting/closing process? If we don't do anything and wait, and the underwriters want the balance paid, would we still have a chance to write the OC and offer a settlement for PFD???

Edited by Shuwatic

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