OfferBoost helps you do that by allowing you to compete with cash. While it’s easier said than done, reducing the amounts you owe for credit cards and other accounts will have an impact. The e-book is a short read with tips, information, and more to help you get started on the road to buying a home. While removing an unpaid collection from your credit report may sound like a smart move, make sure you don’t discuss old debt collections with creditors when you’re working on taking out a mortgage and buying a home.
How long after the collections have been paid out can you buy a house?
That
‘s because potential lenders see this as a real indicator of how financially responsible you are and as proof — good or bad — of whether you’re able to meet your monthly payment obligations. When you choose to work with a debt settlement company, you never agree to pay upfront fees before a debt has been settled. If paying off your debt kills your cash reserves, you may have to wait until you can save up again for a down payment to become an attractive candidate for a mortgage.
References:
- Can I buy a house with collections on my credit report? – Quora
- Can I Buy A Home if I Have Collections on My Credit Report?
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.