10-02-2012 11:38 AM
We have an account that was charged off in 2009 and was written off last year, so we got a 1099-c last year for it.( we never made a payment on the account) On our credit report, it still says the amount charged off as 4650 and past due amount of 850 but since we got the 1099c, can we apply for mortgage and use that to prove that the balance is no longer owed? i'm just trying to see if anyone had similar experience and if you were able to get a mortgage?
We asked the bank if they are willing to settle and they said they cannot do that but would only take a payment in full, which would not be fair to do since we paid taxes on it.
Any help would be really appreciated. We're hoping to be able to buy next summer...
10-02-2012 12:46 PM
Is everything else ready to go with your loan? You're mortgage broker will tell you if it has to be paid. But since you've paid it in taxes it shouldn't be still owed.
10-17-2012 12:10 PM
Well, we do have two more collections that im in the process of trying to settle, other than that, i think everything should be good to go by summer time. Does anyone else have experience with this? Last time i talked to the rep, he said they will not take settlements on this account, only pay in full, which is $4,600.00 but if we paid taxes on the whole amount, i don't think we should be lialbe for paying it off, right??
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO