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Posts: 1
Registered: ‎10-01-2012
Charged off but making payments. Need satisfaction letter.

 I am trying to get approved for a home loan and this charge off is causing an underwriting problem.  This particular Bank is very difficult to deal with. I ask them if they could give me a letter showing that I am current on an account of 158,000 since we settled at 78,000 and we make payments to them for 323.00 a month. The bank does not show that, so my husband and I decided there is no point in making any more payments to them since they are leaving it as a charge off.  Bank told me if we stop paying they will turn it over to collections. They might as well send it to collections. What are your thoughts? The 78,000 is not recorded so how could collections record it because it was already charged off.  Please advise.