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HELOC - Charged off

Submitted by on Mon, 10/19/2009 - 09:23
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My house is foreclosed by the first mortgage, and the bank have forgave the loan balance on the first. My Heloc got charged-off by the bank (the money for this HELOC was to pay for the 2nd mortgaged which was used to purchased the house). My credit report shows that my first was foreclosed with balance of $0, but my HELOC was charged off with balance of 50k. No one has contacted me regarding the HELOC for 15 months after the foreclosured. Anyone knows the best way for me to get the HELOC off my credit report without having to worry about the bank coming for the balance later.

Thank you


Quote:

Originally Posted by Anonymous
My house is foreclosed by the first mortgage, and the bank have forgave the loan balance on the first. My Heloc got charged-off by the bank (the money for this HELOC was to pay for the 2nd mortgaged which was used to purchased the house). My credit report shows that my first was foreclosed with balance of $0, but my HELOC was charged off with balance of 50k. No one has contacted me regarding the HELOC for 15 months after the foreclosured. Anyone knows the best way for me to get the HELOC off my credit report without having to worry about the bank coming for the balance later.

Thank you



Anything negative would stay on the credit report for a period of 7.5 years. The lender has only charged off the account, i.e. they have reported the account as loss and turned it over to a collection agency. Your property being foreclosed doesn't free you from the loan. It's still collectible.


Submitted by SC on Mon, 10/26/2009 - 01:46

SC

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