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Will Medical Collections stop me from buying a house?

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LearningFast



Joined: 22 Aug 2008
LearningFast's page
Posts: 17



451 Magic Points
Subject: Will Medical Collections stop me from buying a house?
 
 Posted on Fri Aug 22, 2008 7:21 pm  
What can I do about multiple medical collections totaling 3k? Need to clear those up in order to buy a house......
fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Sat Aug 23, 2008 1:10 am  
Most medical places only need a $10.00 payment made on each monthly to stay out of collections. Believe me I really know this one since for the last few years I have been buried in them. Now if they are already in collections they should still agree to a small monthly payment. I had one that I forgotten about because I was recieving a zillion every month (only have half a zillion left lol) and they excepted the ten dollars a month.
erb1953



Joined: 31 Dec 2007
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Posts: 573



-53 Magic Points
 
 Posted on Sun Aug 24, 2008 2:22 am  
I did not think that lenders look at medical collections, at least they did not in the past.
Lorri



Joined: 15 Jul 2008
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Posts: 253



213 Magic Points
 
 Posted on Sun Aug 24, 2008 3:06 am  
Well that isinteresting----I thought that collections were collections.
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goodnatured



Joined: 03 Nov 2007
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10 Magic Points
 
 Posted on Sun Aug 24, 2008 3:27 am  
I don't think that they take medical into account when they are considering credit. for one it is not a bill that you would apply for or establish an account with, it is more like a forced bill.

Where a credit card or a mortgage is something that you have voluntarily applied for and are paying on on a monthly basis. You never really apply for medical credit, it just ends up being a bill that some don't pay and they end up reporting it on your credit report.
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Goodnatured,
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fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Sun Aug 24, 2008 1:49 pm  
I have also heard this too Good natured. The medical bills are not as crucial as the monthly ones. I did luagh about how you stated "forced bill". Isn't that the truth. And boy can I tell you those med bills can add up quick. I pay a stack every month.
Lorri



Joined: 15 Jul 2008
Lorri's page
Posts: 253



213 Magic Points
 
 Posted on Sun Aug 24, 2008 9:29 pm  
When I win the lottery, I will donate my points to you fireyone! You and goodnatured can share them and you can get out of debt! OMG---I am really delusional here I hope you know. Just kidding of course! However, the key word here is WHEN I win the lottery. Rolling Eyes
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Justin

Justin

Joined: 17 Jul 2006
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28942 Magic Points
 
 Posted on Mon Aug 25, 2008 12:28 pm  
Hi LearningFast
As far as I know all collections affect your credit score - be it credit card or medical collections. But when you are taking credit for buying a home, and the creditors pull up your credit report, I don't think that they will deny credit because of medical collections in your account, if all your other debts are fully paid.
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fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Mon Aug 25, 2008 12:33 pm  
Lorri Could you please hurry up and win that lottery ALREADY!!!!LOL
anthony

anthony

Joined: 31 Jul 2006
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Posts: 516



13571 Magic Points
 
 Posted on Mon Aug 25, 2008 12:40 pm  
If you find problem getting credit with medical collections in your account, you should try to pay them off. However, if it is not possible to pay the amount, you can go for debt consolidation loans which comes with low interest rates. This will help you to manage all your medical debts more efficiently. But before you start paying off the debt, try to make the collection agency agree for pay for deletion. This will help you to get the home loan more easily.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
LearningFast



Joined: 22 Aug 2008
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Posts: 17



451 Magic Points
 
 Posted on Mon Aug 25, 2008 2:14 pm  
Thanks so much! Everyone has been so helpful. But I have another question. Is it possible that I can contact the hospital directly and they will consolidate these collections? And by doing this will it be removed from the creditor and back with the hospital as long as I pay the bill on time?
goodnatured



Joined: 03 Nov 2007
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Posts: 3927



10 Magic Points
 
 Posted on Mon Aug 25, 2008 2:37 pm  
They may do that, no harm in trying, bottom line is they want their money and I would think that it is a medical bill instead of a regular old bill that they may be more willing to work with you on this or have their billing company work with you.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa
Lorri



Joined: 15 Jul 2008
Lorri's page
Posts: 253



213 Magic Points
 
 Posted on Tue Aug 26, 2008 1:59 am  
I have to PLAY the lottery before I can WIN the lottery.
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"Never give up on someone you can't go a day without thinking about".
fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Wed Aug 27, 2008 12:17 pm  
You sound like me. I really don't play anything more than the occasional scratch off. Never been too lucky on them. If I have an extra buck laying in my purse I will get one but never hold out much hope. I had a neighbor last year buy a $5 ticket one week and win $10,000 and then a few days later from the same store he bought a $10 ticket and hit $500,000. The only thing I got to see from it was a new home being built.lol. He was one of those people that didn't even need it. That figures HUH?
Lorri



Joined: 15 Jul 2008
Lorri's page
Posts: 253



213 Magic Points
 
 Posted on Thu Aug 28, 2008 3:50 am  
Of course---the most I have ever won on the scratchoffs was $40.
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