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We have a charge off and not sure what to do

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schroshadow Joined: 20 Apr 2011 Posts: 1 1.46 Dollars($)	Posted: Wed Apr 20, 2011 11:58 am    Post subject: We have a charge off and not sure what to do Like 0 Dislike 0 We filed bankruptcy a little less than a year ago. It was discharged in Nov 2010. We did not include the house in the chapter 7. we continued paying the first mortgage as best we couls ended up being 1 month behind and made payment arrangements to be brought current. The second mortgage or HELOC stopped sending statements and we didnt pay for a 3 month period while the bankruptcy was in effect. The lawyer advised to continue to pay so we did mailing payments based on an old statement. We went to the local branch and asked to have statements resumed so we can continue to paythat month Jan 2011 we paid $300 (The orig payments were $150 we owed 6-700 behind before the $300 payment) we waited feb no statement march no statement april i looked and its now in charge off status. Not sure what to do. looking into it it looks to me like it should have gone into charge off after 180 days of no payment. I wanna make good on this and continue to pay but now this may be on my credit report which is concerning to me as we were in the process of trying to repair our credit. Please any help will be appreciated
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Wed Apr 20, 2011 8:00 pm    Post subject: Like 0 Dislike 0 Hi schroshadow, welcome to mortgagefit, I think you should speak to the customer care executive of the bank which offered HELOC.They might do something in this regard.Although this is the tough time to comment whether you will be reinstated to your original pay-plan or not but there is no harm in giving a try. Feel free to ask any further query if you have... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
smithsussane Joined: 18 Sep 2008 Posts: 10401 Location: Alaska 979.88 Dollars($)	Posted: Wed Apr 20, 2011 9:03 pm    Post subject: Like 0 Dislike 0 Hi schroshadow! Welcome to forums! You should contact the lender and ask them to withdraw the account from collection so that you can make the payments on time and save the property. This will help you in removing the charge off status from your credit report as well. Feel free to ask if you've further queries. Sussane

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