Posted on: 19th May, 2010 04:11 pm
i had a first and second mortgage. my second mortgage was forgiven/written off so that i could refinance and have lower monthly payments. due to the mortgage company writing off the second mortgage it is now on my credit report as a "charge off collection", which is a listed as a derogatory item.
query: can i get this remove from my credit report?
query: can i get this remove from my credit report?
Hi casbunkley,
As far as I understand from your query, your second mortgage became a charge-off. Charge-off does not mean that the debt was forgiven. A lender charges off a debt to a collection agency when he finds that he won't be able to collect the debt.
Thus, now you will have to deal with the collection agency, and work out a repayment plan with them. You can have this charge-off removed only when you pay off the loan in full or as settled. For that you will have to request the lender to pull back the account from the collection agency. s the charge-off was done by the lender, so only the lender can remove the charge-off.
If your lender pulls back the account, you will have to forward the payment towards the lender. before making the payment, you may request the lender to update your account as "Paid", and top remove all the negatives. Get this agreement in writing. Thus, before you can make any payment to the collection agency, you can talk to your lender to ask if he is going to pull back the account from the collection agency.
Thanks,
Sandra
As far as I understand from your query, your second mortgage became a charge-off. Charge-off does not mean that the debt was forgiven. A lender charges off a debt to a collection agency when he finds that he won't be able to collect the debt.
Thus, now you will have to deal with the collection agency, and work out a repayment plan with them. You can have this charge-off removed only when you pay off the loan in full or as settled. For that you will have to request the lender to pull back the account from the collection agency. s the charge-off was done by the lender, so only the lender can remove the charge-off.
If your lender pulls back the account, you will have to forward the payment towards the lender. before making the payment, you may request the lender to update your account as "Paid", and top remove all the negatives. Get this agreement in writing. Thus, before you can make any payment to the collection agency, you can talk to your lender to ask if he is going to pull back the account from the collection agency.
Thanks,
Sandra