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Charge Off

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Anonymous
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Charge Off

I am preparing for a mortgage.  They said all collections/charge-offs must be marked to paid off or proof provided showing paid.  I am down to one left.  Here is the information
 
EXP:
Citizens Bank
Status: Paid in settlement/Account Charged off.  $7429 written off.
Creditor's Statement:  Account legally paid in full for less than full balance.
 
This account is scheduled to continue on record until Mar 2008.
 
I have tried GW for them to remove it and I also disputed with all three CB (TU removed).  We are building a house and it will be ready in January, so I need to resolve this by then. 
 
Should I try a PFD, even though I have settled?  Or is the "Account legally paid in full for less than full balance" constitute being marked paid according to an underwriter?
 
Thanks in advance for the help!!
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Charge Off



pidoublet wrote:
I am preparing for a mortgage.  They said all collections/charge-offs must be marked to paid off or proof provided showing paid.  I am down to one left.  Here is the information
 
EXP:
Citizens Bank
Status: Paid in settlement/Account Charged off.  $7429 written off.
Creditor's Statement:  Account legally paid in full for less than full balance.
 
This account is scheduled to continue on record until Mar 2008.
 
I have tried GW for them to remove it and I also disputed with all three CB (TU removed).  We are building a house and it will be ready in January, so I need to resolve this by then. 
 
Should I try a PFD, even though I have settled?  Or is the "Account legally paid in full for less than full balance" constitute being marked paid according to an underwriter?
 
Thanks in advance for the help!!


 
For all intents and purposes this IS paid.  It is marked as such and there is no further claim on you for this debt.  Is your mortgage broker giving you a hard time on this one? If so, have you pointed out that the account has been settled? I've never heard of one demanding you pay unless it is an active account.  You owe nothing.
 
Some brokers are idiots as well, maybe you should shop around.



Message Edited by Brammy on 09-25-2007 09:01 PM
Message 2 of 5
Anonymous
Not applicable

Re: Charge Off

They were giving me a hard time, because I had several charge-off/collections.  I have cleaned most up (one other is to fall off next month).  I will show that to them and see what they say.  My scores are good.  TU 774, EQU 707, EXP (was 690 before anything was cleaned up so should be higher, I need to pull again)
 
 
Message 3 of 5
Anonymous
Not applicable

Re: Charge Off

That one should give you no problems then.  It wouldn't surprise me if you had a broker telling you to pay it off, I've seen worse.
Message 4 of 5
Anonymous
Not applicable

Re: Charge Off

I agree with Brammy. You owe nothing!! My broker said as long as paid there was no problem.
 
Send a MOV to EQ and EX.
 
court just ruled against EX for not deleting when proof was sent to them. Lets hope that all the CBs are worried.
Message 5 of 5
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