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I had HELO that suposuly been discharged in chapter 7, and now its reporting as charge off what should I do now?

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sofia2_us Joined: 18 Jul 2011 Posts: 1 1.32 Dollars($)	Posted: Mon Jul 18, 2011 5:39 pm    Post subject: I had HELO that suposuly been discharged in chapter 7, and n Like 0 Dislike 0 my credit report shows the 2nd was discharged by chapter 7, and then 2 months later shows as charge-off, tha bank send me a letter that we need to modify the loan, what shoul I do?
smithsussane Joined: 18 Sep 2008 Posts: 10387 Location: Alaska 977.55 Dollars($)	Posted: Mon Jul 18, 2011 9:11 pm    Post subject: Like 0 Dislike 0 Hi sofia! Welcome to forums! Your can modify the loan if you've reaffirmed it when you were in bankruptcy filing. This will help you in getting a repayment plan. If you pay as per the plan, then you will be able to save the property. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue Jul 19, 2011 7:36 am    Post subject: Like 0 Dislike 0 The debt is discharged, right? That means you're no longer obligated, right? The lender, in charging off the debt, has indicated that it no longer considers your loan an asset. That's pretty clear, since you are no longer making payments. Your credit will reflect the bankruptcy as well as the charge off - it all makes sense. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
sofia Guest	Posted: Tue Jul 19, 2011 4:47 pm    Post subject: my second loan Like 0 Dislike 0 my 2nd loan was not reafirmed in my bankruptcy, and the bank wants to modify the loan but I don't want it because it suposuly went into the bankruptcy. I don't know if the bank can forclose my house anyway?
adonis Joined: 22 Oct 2005 Posts: 10531 Location: ALASKA 1085.02 Dollars($)	Posted: Tue Jul 19, 2011 8:01 pm    Post subject: Like 0 Dislike 0 Hi sofia, If you haven't reaffirmed the loan but want to save the property from being foreclosed, then you may have to make payments toward the loan. If you don't make the payments, the lender may have the rights to foreclose the property. _________________ Procrastination is the enemy of your financial success

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