Posted on: 31st Dec, 2012 11:34 pm
Few years back, I had a couple of houses. With the bad economy, I could no longer keep them up so I walked away from them. I took a huge hit in credit but I have since rebuilt my credit to where my middle score is in the 700s. I haven't had a delinquency in over three years. We now want to buy a house, this time to live in ourselves. The thing is, one of my foreclosures is still reporting as money owed. It's due to fall off later in 2013. I was told that the company could possibly extend it. How that’s possible I do not know because I figured there is a SOL. A mortgage broker told me this. I was applying for FHA. She told me that I would have to pay that balance due. It's only 6500. I would rather it fall off though. My question is, how do I call the company and make a payment without resetting the clock on this debt?
Hi Veron,
If you make payment now, then the account will reset and the SOL period will start over once again. However, if you have the money, then you can pay off the debt in full in one go and get rid of it.
Thanks,
Jerry
If you make payment now, then the account will reset and the SOL period will start over once again. However, if you have the money, then you can pay off the debt in full in one go and get rid of it.
Thanks,
Jerry
Hi Veron,
If you don't pay off the debt and the SOL expires, then the lender won't be able to take any legal actions against you. However, if you pay and extend the SOL, then you might face difficulty as the lender will be able to take legal actions against you once again.
If you don't pay off the debt and the SOL expires, then the lender won't be able to take any legal actions against you. However, if you pay and extend the SOL, then you might face difficulty as the lender will be able to take legal actions against you once again.