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what is a charge off

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gacevedo04

Joined: 04 May 2009
gacevedo04's page
Posts: 1

22 Magic Points

Subject: what is a charge off

Mon May 04, 2009 10:59 pm

What is charge off. I don't no where to start from.

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Tue May 05, 2009 7:26 am

Charge off is a negative listing in your credit report. It means that the creditor has considered the debt as a bad debt. A creditor generally charges off an account if you have not made a payment towards the debt for a continuous period of six months. However, your account can also be charged off by the creditor is it is past due for over 90 days.
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Mary

Joined: 06 Jul 2006
Mary's page
Posts: 686

17396 Magic Points

Tue May 05, 2009 8:45 am

Hi Gacevedo
Although you cannot remove the charge off from your credit report before seven years, you should pay off the debt by coming to a settlement agreement with your creditor. This is because, charge off does not mean that you are no longer required to pay off the debt, and the creditor can sue you to the court and bring judgment against you to recover the same if the SOL on the debt has not yet expired. So to avoid judgment you should pay it off. Once you pay it off, it will be listed as "paid charge off" in your report.
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rachael
Guest

Wed May 06, 2009 6:00 am

Hi Gacevedo,

A charge-off does heavily affect your credit score but you can always negotiate with your creditor to remove it from the credit report once your dues are paid.

cdloanmod

Joined: 26 Jan 2009
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Posts: 23
Location: Laguna Hills,CA

792 Magic Points

Subject: Mortgage Loan Modification

Thu May 07, 2009 10:28 am

Hi,

These days, condo owners share more than a roof and walls—they also share each other’s financial woes. Lenders are now taking into account the financial health of entire blocks when assessing individual applications for mortgages and refinancing.

Mortgage Loan Modication

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