Is it posible to wait them out

[BOA]

Is it possible to wait out the statute of limitations on debt, and after these debts fall off of the credit report then go ahead and buy a house.

All of my debts are charged off and sold to collection agencies sometimes twice. How likely are these firms to have any legitimate paperwork?

If your in a position to wait them out is that better than filing BK?

[DebtHater]

How likely are these firms to have any legitimate paperwork?

If your in a position to wait them out is that better than filing BK?

Paperwork? Probably

Legitimate? Not likely

The problem with some of these collection firms is they don't know what the statue of limitations are. Just because they may fall off doesn't mean they won't wake up years from now.

[paradiddle]

Yes it is possible. I did that with CC debt I had from 1991. I didn't do anything about it until 1995. I met with a counselor and he told me I should just wait for the 7 years and credit report will be clean again. He said to fight any reports that try to move the dates etc. Keep good records. I had to fight a Sears debt when the CA tried to claim it was from 1997. I had the paper with the matching debt numbers and closing of account. in 1999 I was able to buy a house with a clean CR. I didn't go BK. There is also a statute of limitations on how long they can go to collect. I was never threatned with wage garnishment but that may be a different issue now.

[Dst1]

Yes, it possible but I agree with paradiddle. It mostly only worth it if you are already close to that deadline. Waiting five years is rather pointless because even with a BK your credit normally comes back to normal in two-three years.

[BOA]

I do apprecate the reply

Only 2. to 3 years to go at this point so I'll likely just wait- wanting to buy a place though. What about building up and paying off foreign credit car loans etc how does that work towards building credit in the US?

Best Regards

[StartingOver08]

If you are outside the US, then the clock may have stopped running for the statue of limitations (tolled during this period). Look at the state statues where you were residing when you incurred the debt. Check with an attorney to make sure where you stand with your specific types of debt. There are different lengths of time applicable to the statue of limitations based on the type of debt you incurr (oral contract, written contract, promissary note and open ended accounts). The reporting period for your credit report is NOT the same as the statute of limitations.

In my experience with clients that had foreign credit, it was not counted here in the US for mortgages. It never used to be a problem until about two years ago. Others may have a different experience.