Mortgage
@johnscoolplace (389)
United States
October 12, 2011 3:00pm CST
I currently live in an apartment with my family, space is very tight and I would love to move everyone into our own home problem here is my credit is "really bad" I have 12 accounts and 10 of these are charged off, is there a fix for this? can I still get a home mortgage. I have never defaulted on anything but credit cards. I fully inteded to repay back the credit cards. The only issue I have ran into when they started asking for payments in full. I find it hard to pay you 2,000$ when I make that in a month to pay off the balance. When asked for payments or delete I got a response that's against the law? why have i heard about that if its not legal? are there any options for me or do I wait another 5 years until this stuff is off my credit reports?
Thanks,
Jon
1 response
@WakeUpKitty (8694)
• Netherlands
12 Oct 11
In my country it's normal that if you have a credit card, mobile phone, loan from the bank etc you will be registered. So if you ask for the next one they can inform over there what you already have and if you are able to pay it off.
If you had a lot of financial problems (not paying back in time or a private bankrupt) you have to pay it all back or an agreement what to pay back and after that it will take 5 years till they will delete that info out of the database. After that you can ask for a new loan.
If you have to pay off a lot nowasdays nearly everyone will agree with a kind of pay-back-agreement (which can include paying less as the original debt. Then for example you pay for 5 years or longer a certain amount after that they will forget about the rest. But you are still registered for 5 years after you payed it off).
Why they agree with that? Because they are happy they get their money back or at least a part of it. Every bank etc knows economics are bad and sooner or later there is nothing to take away or sell anymore.
What exactly is your financial problem/wish I don't know. I think you should inform at some experts or see if you can find the answer on the internet.
