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And that means interviewing lenders. I get that the learning curve is high buying your first house, so I'm trying to ask as many relevant questions as possible before I decide to apply with anyone. Please let me know what I am missing! Thank you!
What kind of mortgage products do you offer?
Do I have to decide which one I want when I seek prequalification?
I have cash savings, but I anticipate needing some of that money for closing costs and moving expenses. Do you have down payment assistance programs? Downpayment minimums?
If I do apply, how long will my prequalification last? Will you pull my credit again before closing?
What do I need to apply?
What fees are associated with your loans? Origination fee? Funding fee?
What upfront costs should I be prepared for at closing? Escrow for taxes? Prepay homeowner’s insurance?
Are there any penalties or negative amortization?
At what point will I receive a Loan Estimate?
Will you be servicing the loan or are you likely to sell it off?
I've been following CB for a few months now and have made some major cleanups to all my reports thanks to the awesome advice here. Now I have just two baddies in each report, which I'd like to tackle somehow. One is a series of ten 30-day-lates in 2012 and 2013 on my American Honda Finance auto loan, and I've read many people say goodwill letters won't work with them, but here's the situation I feel sure I can clean up somehow, with your advice:
I left an apartment in late 2009 to move to another complex from the same owners and ended up owing them $1443 for carpet replacement and leaving the lease early. In 2010, they turned it over to a local collection agency here in Vegas called Sentry Recovery & Collections, whom I've heard are real a-holes. They've tacked on fees bringing my total up to $1627 but have not tried to contact me for quite a while (March 2014 was the last time they updated my credit reports). I'm not completely convinced I should wake a sleeping dragon, but I'd love to see this collection disappear.
A — Try to PFD with the CA for less than I owe?
B — Try to pay the apartment complex either in full or a lesser amount *if* they'll clear up my record in whatever tenant tracking system they use AND ask the CA to delete the collection from my reports?
C — Something else?
Thanks for your help!
Hi all - I've been trying to clean up my credit & like many people have some bad marks from years past..unfortunately, two of them relate to Portfolio Recovery Associates which is seeming to be IMPOSSIBLE to deal with.
1. I had a store credit card that I fell late on and it went to collections in Feb. 2013. I called and for someone to agree to a Pay for Delete so I paid the entire balance in Dec. 2013. I later found out this was the worst idea ever because they didn't delete anything and seeing I trusted their word, I have no proof that that was the agreement. So now I have this account sitting on my credit report as Paid in full, was a collection.
2. I had a Capital One card with a limit of $300 that went to collections in Mar. 2013. It's now showing as purchased by PRA in June 2014 with a original amount of $581.00. I'm not sure what happened to Mar 2013 - June 2014? I don't see anything else on my report for this account in these months..
Any ideas on what to do with this company, they won't agree to a Pay for Delete but I'm really hoping to get this thing of my reports! I've seen people mentioned requesting validation and I've thought about that but I'm a bit confused on the whole process..
Thanks in advance!!
After I graduated college I began consolidating all of my student loans. However, I somehow missed a loan from the university totaling around $8,0000, and received no notice about payments until the loan went into collections. I have sent a debt validation to the collection agency, and they responded with a copy of the signed promisory note and balance. Can I try to negotiate a pay for delete even though the debt is a student loan? Or do I have to try to set up a payment plan with the collection agency?
Any advice would be greatly appreciated.
I filed BK13 back in 2010. DriveTime was included in that. I had the BK dismissed in 2011 because I couldn't maintain the high payments. Since then, they had been reporting an outstanding balance of $8,494.37, even though I originally owed $15K+ on the car that I voluntarily surrendered right before the BK13. This leads me to believe they re-sold the car and this is the outstanding balance. I never actually got any paperwork saying they did that, though.
In January 2013 DriveTime sent me a letter offering to settle with me for 10% of the $8,494.37 balance, so they were willing to take $849.44, and they would update the CRA's to reflect my account as "settled" (their word). By this time I had just purchased a new car a month before, so I am assuming they must have realized the likelihood of me paying them was slim and none. I never responded to the settlement offer.
Now I am looking at it again and thinking they may be willing to do a PFD now, if they were willing to settle for so little back then. My thought is that they have probably all but written this off and they aren't expecting anything from me, so they would be more amenable to a PFD to collect on an account that they had written off.
My questions are:
1. Does my rationale make sense, or am I dreaming? I know DriveTime is supposed to notoriously difficult to deal with.
2. Has anyone out there had any success in getting DriveTime to do a PFD? If so, how did you get them to do it?
Any help would be greatly appreciated because I'm in rebuilding mode and would love to get them off my credit, or at least have them reflect more positively.