| Author |
Message |
Candy
Guest
|
Post subject: boat voluntary surrender |
|
|
| we started a bankruptcy but requested it be dismissed but still volluntarily surrendered a boat. The bank claims we owe 21,000 and have agreed to a monthly payment of $100.00 but they continue to report the loan as CO and late. What is our best option? |
|
|
Candy
Guest
|
|
Post subject: boat voluntary surrender |
|
|
| we started a bankruptcy but requested it be dismissed but still volluntarily surrendered a boat. The bank claims we owe 21,000 and have agreed to a monthly payment of $100.00 but they continue to report the loan as CO and late. What is our best option? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12357
Location: bloomfield, ct
55.04 Dollars($)
|
|
Post subject: |
|
|
i don't know that you have any options in this situation. a voluntary repossession is still a repossession, and it results in a charge off on the part of the lender. i will assume that you are taking steps to verify the debt you owe to the bank, if they haven't already documented the balance of $21K. you need to know the disposition of the boat, and what kind of proceeds they received, assuming they've sold it. i doubt very much they'll be amenable to changing their method of credit reporting.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
|
|
|
lee21
Guest
|
|
Post subject: 2nd Mortgage Charge Off |
|
|
I settled with my mortgage company on my second mortgage 19 months ago when I had to short sale my house. How long will this affect my credit? I know it can stay on my report for 7 years but will it affect the report the same amount the whole 7 years. Is there some calculation the credit Bs use as time goes on with no other neg items? This has affected my scores from 40 to 100 points.
Thanks |
|
|
skichick
Guest
|
|
Post subject: Charge offs |
|
|
| A department store charged off a debt back in 1995 (15 year ago). I just got a letter today that said I could pay off the debt through a voluntary program? If it is voluntary why do they say I need to pay it off? This was 15 years ago and I don't want to enter into any type of settlement program since the statue of limitations has expired. What do I do and was this letter a fraud since it came from a debt settlement company? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12357
Location: bloomfield, ct
55.04 Dollars($)
|
|
Post subject: |
|
|
I suppose you could ignore the invitation to pay it off, but that won't stop them from bothering you. I don't expect you want to pay off this debt, of course, but is it actually money owed? It's best you contact your own consumer protection department to determine the statute of limitations and the effect on you, or contact ftc.gov to get their take on things.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
|
|
|
pamolina
Guest
|
|
Post subject: charge off on mortgage and bankruptcy |
|
|
| I lost a job, stopped paying my mortgage, and then filed bankruptcy. I kept my condo and let go of the house. The mortgage lender started foreclosure on the house and then asked the judge to dismiss it. Their lawyer told me that they are doing a charge off and consider the debt uncollectable. They feel that it would cost too much for them to foreclose. The value of the house went from $110,000 to $20,000. I saw a similarhouse on their foreclosure list for $11,500. What does this mean? |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
|
|
Post subject: |
|
|
Hi pamolina,
If the lender charges off the account, then the collection agency will be able to come after you in order to recover the dues. The lender won't take any further actions against you.
_________________
Procrastination is the enemy of your financial success |
|
|
Zobeida
Guest
|
|
Post subject: BK 7 AND CHARGE OFF 2ND LOAN MORTGAGE |
|
|
| The bank just has made my 2nd mortgage charge off. Since now the 2nd loan is an unsecured debt, Can I filed a BK7 and get rid of the 2nd with my other credit card debts and keep my house? |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
|
|
Post subject: |
|
|
Hi Zobeida,
You can file Chapter 7 and get rid of the charged off mortgage along with your credit card debts. It is true that though you file Chapter 7, you will be able to keep your property.
Thanks |
|
|
Guest VT
Guest
|
|
Post subject: Short Sale and Charge Off |
|
|
| We just finished a short sale a few weeks ago and were unable to reach a settlement with the 2nd mortgage. They released the lien, but reported the short sale as "bad debt, placed for collection." We intend to contact the bank to try to now reach a partial settlement. Their original reporting has resulted in a 67 point drop on our credit score. Can we expect our score to bounce back up some once we settle? Would it then be reported as "settled-charged-off"? Thanks for the information. |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
|
|
|
Hopeless
Guest
|
|
Post subject: Charge off |
|
|
| I have a charge off on my credit report but I am a co signer on it and now I am trying to purchase a home and the mortgage rep is demanding a letter from me stating i'm co signer and the debt is charged off could this effect my chances of purchasing my home? |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
|
|
Post subject: |
|
|
Welcome Guest,
A charge off on your credit report may affect your chances in purchasing a loan. The lender may ask you to pay the charged off account first and then apply for a loan.
_________________
Procrastination is the enemy of your financial success |
|
|
wondering person
Guest
|
|
Post subject: Charge off is stopping me from getting a loan |
|
|
| I have settled my accounts and they are showing as charge off, is their anyway to remove it............i have the settlement letters saying they would update to paid as settlement. What should i do |
|
|
Previous 1, 2, 3, ... 10, 11, 12, ... 14, 15, 16 Next 
