Posted on: 02nd Apr, 2009 12:19 pm
I have read several questions and answers on this forum but i still feel unsure if the 2nd mtg will be able to forclose on my home. I live in Fl
and in 2006 purchased a home for 275K we put 75k down and have a current 1st mortgage for 200k - the home is only work 165-185k now - before the house went down in value i took out a home quity loan for
45k, i am currently 6 months behind and eventhough i called city bank
last month to tell them i was filling out their homeowner assistance application and would be sending it in, as soon as April came in I
received a letter to call them, which i did and they told me the account was -0- and charged off. They told me they can't do anything for me I
have to call the recovery dept. I called but since it's so soon they don't even have my informatation yet. I am current on my 1st mortgage-
does charged off mean (forclosure) in other words? If it is a charge off
can I go to one of these credit repair companies to deal with this issue
Now? please help
and in 2006 purchased a home for 275K we put 75k down and have a current 1st mortgage for 200k - the home is only work 165-185k now - before the house went down in value i took out a home quity loan for
45k, i am currently 6 months behind and eventhough i called city bank
last month to tell them i was filling out their homeowner assistance application and would be sending it in, as soon as April came in I
received a letter to call them, which i did and they told me the account was -0- and charged off. They told me they can't do anything for me I
have to call the recovery dept. I called but since it's so soon they don't even have my informatation yet. I am current on my 1st mortgage-
does charged off mean (forclosure) in other words? If it is a charge off
can I go to one of these credit repair companies to deal with this issue
Now? please help
Hi Pichu!
Welcome to forums!
Charge off does not mean foreclosure. Your second lender is no longer interested in collecting the mortgage dues from you and thus he has sold off the loan to a collection agency. The collection agency will now collect the dues from you.
A charge off will definitely affect your credit score and stay on your credit report for 7 years like any other negative item. You can take the help of the credit repair companies to improve your credit score but you can do it yourself as well. To know more about improving credit, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Charge off does not mean foreclosure. Your second lender is no longer interested in collecting the mortgage dues from you and thus he has sold off the loan to a collection agency. The collection agency will now collect the dues from you.
A charge off will definitely affect your credit score and stay on your credit report for 7 years like any other negative item. You can take the help of the credit repair companies to improve your credit score but you can do it yourself as well. To know more about improving credit, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you have further queries.
Sussane