Posted on: 04th Jul, 2009 04:03 pm
My credit reports show the first as foreclosed as of September 2008, but it also shows that the current account status is "120+ days late."
The second is shown as charged off, and it continues to report late payments every month.
Will these two accounts continue to show as current, late payments for all 7 years that they are allowed to appear on my credit report?
The second is shown as charged off, and it continues to report late payments every month.
Will these two accounts continue to show as current, late payments for all 7 years that they are allowed to appear on my credit report?
hi stacey_nelson,
as the first mortgage lender foreclosed the property, it should be mentioned as foreclosed in your credit report. you've mentioned that the second loan has been charged off. in that case, the collection agency can report your second loan as late because you're not paying them the dues. you should note that though your property has been foreclosed, you're still liable to pay the second mortgage. as the second mortgage lender has charged off the loan, you should contact the collection agency and pay off the dues. once you pay it off, you can ask the collection agency to report it as paid.
late payments and foreclosure will remain on your credit report for next 7 years.
thanks
as the first mortgage lender foreclosed the property, it should be mentioned as foreclosed in your credit report. you've mentioned that the second loan has been charged off. in that case, the collection agency can report your second loan as late because you're not paying them the dues. you should note that though your property has been foreclosed, you're still liable to pay the second mortgage. as the second mortgage lender has charged off the loan, you should contact the collection agency and pay off the dues. once you pay it off, you can ask the collection agency to report it as paid.
late payments and foreclosure will remain on your credit report for next 7 years.
thanks