statutes of lim have run... already? whats the point?
2006-08-13 07:23:05 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
It is none of their business. A Realtor only wants the buy or sell of a house to go through without problems. All they want is THE MONEY.
When seeking a loan for a new house, discuss these details with your lender. Don't ask for stupid advice from a Realtor.
2006-08-13 07:35:01 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Most lenders will require that you pay ALL old debts. You will even have to pay any old tax liabilities (by law). This has nothing to do with the realtor. If the lender won't give you the money you are out of luck. In addition, you need to be current on your bills. That means you pay them when due or a little bit early. That does not mean you pay them before the late fee is charged. You did this to yourself by your past way of handling money. Stop blaming others and do the hard work of climbing out of that hole. One year of doing the right thing should make you eligible to get a loan. At first you may not get favorable interest rates. After a couple of years more you can get very good rates again. Then don't ever let this happen again. I own a real estate company and I deal with this situation all the time.
2006-08-17 00:41:45 · answer #2 · answered by Big Bama Fan 2 · 0⤊ 0⤋
ITs not about the fact of whether or not it is bad credit or not. You already have a glitch that makes it bad credit, but in a lot of areas: especially home mortgaging, your credit is based on a credit score. That score goes up or down dependent on HOW BAD your credit is.
If a credit card is on your report, no matter whether or not there is a statute of limitations, your credit score will go up if it is showing a zero balance instead of a balance still on there.
I don't believe there is such a thing as "statute of limitations", when it comes to credit reports. I think only when it comes to court and garnishing you for payment.
A bad debt will stay on your credit report for 7 to 10 years. (depending on when they actually sent the bad debt to the crediting angency). That 7 years does not start from the month you defaulted, it starts from the month they reported the default. So if you were trying to be contacted for a long time and wouldn't answer the phone calls, you may have not been reported yet.
Your interest rate on a home loan will probably be better if you pay the credit debt.
2006-08-13 07:32:59 · answer #3 · answered by sheristeele 4 · 1⤊ 0⤋
The better your credit is, the easier it is for the realtor to get you approved.
If you have debt that is old enough to not be enforceable you should contact the reporting companies and have the debt report removed.
If the debt isn't old enough to be removed you probably still have an obligation to pay the outstanding balance.
Your credit report is used by many companies to determine your cost for insurance, health care, rent, as well as home purchasing. Cleaning your report will save you many thousands of dollars.
2006-08-13 07:44:55 · answer #4 · answered by Michael Myklin 3 · 0⤊ 0⤋
it's really up to the bank or lender
you may have to pay them in order to get your mortgage
2006-08-13 19:58:23 · answer #5 · answered by Anonymous · 0⤊ 0⤋