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Credit Report charge off on loan sold to 3rd party

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fermc1 Guest	Posted: Thu Jan 05, 2012 3:14 pm    Post subject: Credit Report charge off on loan sold to 3rd party Like 0 Dislike 0 My bank sold my mortgage loan to a third party at a discount, and then reported the difference on my credit report as a charge off. Ther selling it at a discount should not effect my credit report and should not be shown as a charge off.. Am I not correct... _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
tomburris Community Expert Joined: 03 Oct 2007 Posts: 135 Location: North Dallas 19.12 Dollars($)	Posted: Thu Jan 05, 2012 4:08 pm    Post subject: Like 0 Dislike 0 are you still paying on the loan on time? if so..... thy are in violation of the fair credit reporting act _________________ Tom Burris Mortgage Banker 214-763-4629 cell/text/nights/weekends http://www.dallasloanguy.com/ Location: North Dallas, TX Coverage: The entire Great State of Texas NMLS# 335055
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Jan 13, 2012 2:08 pm    Post subject: Like 0 Dislike 0 It's pretty evident that the account is not being paid as agreed; else the lender wouldn't have sold the debt. You're liable for any debt you undertake - that's plain and simple. The answer is, "yes, you owe the money." _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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