All Forum Posts by: Account Closed

I am a bit confused.  You first stated that you owned your house free and clear.  Then you spoke about refinancing and not having enough equity.

People often comment on the strength of the job market but I think the real answer is in wages.  Many people are working for the same or less than they did 10 years ago.

it all depends upon if you want to be known as a good guy or as an *******. 

Lease option it to her for one year and 10k down.

I miss the old days when a seller put a sign in the yard and the buyer called the seller and they met and signed a contract and the buyer took it to his bank and the bank called the title company and the buyer and seller met at the title company and papers were signed and keys and checks were exchanged. 

I am a hardcore do it yourselfer. I am of the crazy segment that would build an entire house myself by starting out with a chainsaw and heading to the woods to cut trees that I would saw up for lumber. I have done everything to a house and a lot of it I was even amazed that I did it once I was finished. Eventually, I learned that if I wanted to make real money and save my body, I needed to do the work with my checkbook. One of the most profound things said to me was, "just because you can do it doesn't mean that you should". With all of this being said, hire the pro. Can you do it? Yes you can. Should you? Probably not.

Did they agree to not smoking in your unit or not smoking anywhere on the premises or not even smoking at their mother's house in Iowa?

Credit bureaus will only remove negative information if it is inaccurate, they cannot validate the debt, or the original creditor has them remove it. Merely paying the debt doesn't cause it to disappear from the credit report. It's true that it will no longer report as delinquent or unsatisfied, but the delinquency on the report remains and your FICO score does not differentiate between paid and unpaid old debts. I will agree that outstanding judgements and other debts must be approved before you can get a mortgage so paying them is a positive thing. The game changer is to erase them from your credit report completely.

@Jackson Barr I am not going to get into the arguments of the morality of what you have done because there are always people on the Internet as perfect as Jesus but with even higher morals. This info is probably too late for you but might be of help to others. Always include in negotiations with creditors an agreement that they will remove the account from the credit reporting agencies in return for your payment. Most will. What you have done is merely re age your debts. Credit reporting agencies (CRA) will report negative information for 7  years  from date of LAST activity. An example: you have a credit card that you defaulted on 6 years ago. It varies by state but there is a set period of time in which a creditor can sue you for a debt. They can still attempt to collect after this time but can't bring legal action. With the 6 year old debt it will drop off your credit report within a year if you do nothing at all. If you choose to pay the debt it will refresh on your report as paid but not as agreed. This will now continue on for seven more years. I know it's odd, but in some  cases paying a debt can further damage your credit. Unfortunately, these accounts will remain on your credit report and basically trash your credit for the next few years. Now you need to clean up your credit reports. Let me know if you need any advice.

Just for sake of discussion, what would you say if a prospective tenant asked to see your bank statement and tax return in order to gauge your ability to continue to pay the mortgage on the house you have for lease? People do quit paying mortgages but continue to collect rent.