All Forum Posts by: Waleed Abdulrab

@Waleed Abdulrab

Therefore rendering my dispute invalid and I’m stuck with a negative mark on my credit.

@Mike M.

So what you’re saying is if I settle the debt for the agreed amount, they’re unlikely to report it? So they wouldn’t even report it as “settled in full” or make no mention of this agreement to outside third parties?

My only concern is I want to satisfy the debt for the offered amount, but I’m scared they’ll report it as a “settled account”. Let’s say they report it and I dispute it as “not my debt, please confirm”. I to my knowledge understand that it is a debt of mine, will the collection agency provide proof that it’s my debt?

@Mike M.

So what should I do then? They’re going to put it on my credit anyway, but instead put it as an unpaid debt. How do I get them to not report it?

So I was sent a letter from a collection agency with an old Comcast account. They gave me an “Offered amount” to settle the debt and close it out. I asked nicely for a letter in writing that they will not report the debt with any credit bureaus. They said they will not be able to do that. But assured me that I will be sent a letter within 72 hours stating that the account has been settled and closed out. They did tell me however that if I make the payment, they won’t report it. Should I trust them? I mean, it’s not like the account is on my credit now, I’d just have to hope that once I pay it, they hold their end of the deal and not report it after I settle the debt.

What do you guys think? Am I not being trustworthy? Or do debt collectors typically lie about not reporting to get you to pay, and then report anyway? I’ve looked up cases where debt collectors will report as “settled in full”. This is still negative. I don’t want them reporting nada If I’m to pay anything at all.

What should I do?

@Michael Noto

What if I get a job like at an Amazon Warehouse for a few months making $15/hr. and use that to qualify for FHA? Do I need to produce an entire W2 form, or could I just use a few check stubs stating my income?

@Brandon Owens Ok could it be for just a few months out of the year?

@Brandon Owens

Does the 2 years of W2 income need to be recent?

I have 2 W2 tax forms for 2015 and 2016.

@Dennis M.

But I has to kiss butt. Because FHA allows 3.5% down, which is what I want, because I don't wanna have too much cash tied up on a downpayment. I need reserves for rehab, and store the rest away in a savings account for cases of turnover/vacancy/repairs. HML have higher interest rates and capitalize on borrowers who can't get traditional loans.

Honestly, I just want to have a successful first house hack. A duplex with positive cash flow. And I'm sick and tired of people saying "Oh, don't get hung up on positive cash flow, there's nothing with house hacking and paying a few hundred bucks a month, then renting a place and paying a fortune". Listen, my goal is to COMPLETELY eliminate a housing expense. That's why I'm saving so much cash. So I can fix up the place on my own dime and charge more in rent so I could effectively cover the entire mortgage without HAVING to work. And if I do decide to work on my leisurely time (which I most likely will, just want options to stay home if I don't feel like working a certain day). FHA sounds like the closest thing to what I'm trying to do.

If that’s not possible, than I guess I’ll have to figure it out.

@Frank Geiger That’s honestly what I’ve been thinking about doing. I’m close to hitting $30K, and once I hit that, I will get a traditional job.

Is a few months proof of income enough though?

@Frank Geiger

$30K is more than enough for light cosmetic rehab and holding/closing costs. I live in Dearborn, MI.