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guerlija Guest 0.10 Dollars($)	Posted: Thu Aug 28, 2008 6:36 pm    Post subject: credit my house was foreclosed and sold by the 1st mortgage. the 2nd mortgage said my account will be charged off. my question is how long will this hurt my credit, and if i have no monetary means to rectify the situation what can i do? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 1446 Location: ALASKA 137.08 Dollars($)	Posted: Thu Aug 28, 2008 9:16 pm    Post subject: Welcome guerlija, Any negative item stays on your credit report for 7 years. However, with time, their negative impact on your credit reduces. I suppose if you pay off the charged-off amount gradually, then it will help bring up your score and offset the negative impact to some extent atleast. Know more on what second mortgage charge-off is all about and how to remove it. _________________ Procrastination is the enemy of your financial sucess

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