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Have a charge off from 2009, that I wasn't unaware was a charge off on the 2nd on a home that was foreclosed on. I thought a foreclosure was just that...a foreclosure, but the 2nd charged off the amount owed. I want to pay it as I want to purchase a home? I have nothing else negative on my account with a 730 mid...What do I do, the loan is with GMAC and I just get the run around.

sabrinatoss · Posted: Wed Feb 08, 2012 8:13 pm Post subject: Hello ngrambley,

Well,.. the term "charged off" referrs to the accounting entry made on the lenders books. Whether he makes the entry or not in NO way effects you. It just moves your loan into an expense rather than an asset.. You don't get relief or anything.

Idea

Posted: Wed Feb 08, 2012 9:01 pm Post subject:

Hi Ngrambley!

Welcome to forums!

If you had a second mortgage and if that was not satisfied in the foreclosure sale, the second mortgage lender has the rights to come after you to collect the debt or charge off the mortgage and assign it to a collection agency. In case, you haven't paid it off, you should do so now as you're planning to buy a house now. Once you pay off the negative item, it will have a positive impact on your credit report.

Feel free to ask if you've further queries.

Sussane

smithsussane · Posted: Wed Feb 08, 2012 9:04 pm Post subject:

It was me above... just forgot to login!!

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