SOL Issues

[Eldon]

I have a question/dilemma that I hope someone can help me with.

I had a mobile home reposessed in September 2000. The mortgage company sold the home a year later for a $1,000.00 more than what I owed on it, and then tried to collect $3,000.00 more from me. I disputed the charge with the mortgage company in Oct 2001, and I have not heard from the mortgage company since.

Here is my dilemma, I am in the process of buying a home, and the bank, that is doing my financing, is telling me I need to clear up this issue with my old mortgage company. It is on my credit report, and this September is my 7 year point on this bill. I have not heard anything from the Mortgage company in the years since I disputed the charge.

If I call the mortgage company and try to work out a settlement, will this start the clock over again on my SOL? I really don't want to stir the pot, if it is not necessary, but I need to get my current home financed soon too.

Any information would be greatly appreciated.

[elyse449]

Prior to the actual repo/foreclosure, when was your last payment? When did this account first go delinquent?

Calling to set up a pay schedule or agreement will re-age this debt on your credit files thus dropping your FICO. And yes, if you make payments it will restart your SOL as well. I am unsure if it will restart the reporting time of 7 yrs, I've heard it doesn't.

Elyse

[Eldon]

I turned the mobile home back to the bank in Aug 2000, and it went deliquent in September 2000. Which is what is on my credit report, (Sep 2000).

The bank sent me a letter in Oct 2001 telling me the property was sold, and that they wanted $3000 from me for undisclosed fees. Needless to say I sent them a letter disputing the charge, especially when they sold it for a $1000 more than I owed on it.