Posted on: 22nd Apr, 2008 08:21 am
I am going to have to try to purchase a new home (renting is not an option). I am in a debt settlement program (a good one, with Superior) because of a business that I had to close. I have never been late on a mortgage payment, that part of my credit is fine. I have paid off about 8 credit cards on my own, but there are nine more in the settlement program because of trying for too long to keep the business afloat. My credit score before this happened was around 780. Do lenders look at the whole picture and history? Does anyone know of any mortgage lenders that are willing to work with Debt Settlement clients?
susieq, i have worked with people in similar programs in the past. the standard practice in this mortgage industry is that you would have to have completed the program in order to obtain a mortgage. having said that, i must say that there may very well be lenders out there who can do business with you even though you may still be in the midst of the payments.
i believe that most lenders would look at least semi-favorably on your payment plan - it is certainly a much better alternative than bankruptcy, for example.
i believe that most lenders would look at least semi-favorably on your payment plan - it is certainly a much better alternative than bankruptcy, for example.
Thanks George, I seem to be getting more and more feedback that a successful settlement program is much better than bankruptcy. It makes me feel good that I made the right choice. Because it's still a little scary.
