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Mortgage Loan with a Charge Off?

Discussion in 'Credit Talk' started by robinsc, Jun 20, 2003.

  1. Jun 20, 2003 #1
    robinsc

    robinsc New Member

    Does anyone know if you can obtain a mortgage loan with a charge off that is showing on your credit report? I am in SC and have a charge off from Wachovia/First USA for $9000 dated 12/02. We are planning on selling our house and buying another in 2 years and was wondering if we will be able to do it in both of our names since I have a charge off listed on my credit. Just curious if there are any places that will still finance and then we will refinance after it comes off. ?? Other than this my credit is great.
    TIA!
     
  3. Jun 20, 2003 #2
    delilah131

    delilah131 Well-Known Member

    welcome to the board!

    Most lenders will make you pay an unpaid charge off before closing. But the presence of one is not a deal breaker for most, I believe.

    You might want to wait for someone else to confirm this, though.

    peace,
    delilah
     
  4. Jun 20, 2003 #3
    MaddKredit

    MaddKredit Well-Known Member

    Hey I would like to know the answer to this one as well. I have 2 small chargeoffs that I will take care of soon. But I want to get a mortgage in about six months when the market cools off a bit due to the weather.
     
  5. Jun 20, 2003 #4
    alent1234

    alent1234 Well-Known Member

    Any charge off's need to be paid, in the process of being paid or off your credit report before closing. The reason being the lender doesn't want any lien holders to be in front of them in case you foreclose.
     
  6. Jun 20, 2003 #5
    MaddKredit

    MaddKredit Well-Known Member

    Re: Re: Mortgage Loan with a Charge Off?

    Okay, So do they have to be paid before closing, or can one be making payments on them?

    Thanks.
     
  7. Jun 21, 2003 #6
    lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Mortgage Loan with a Charge Off?

    Must be paid no payment plan
     
  8. Jun 21, 2003 #7
    WALLST

    WALLST Well-Known Member

    Re: Re: Re: Mortgage Loan with a Charge Off?

    I had 3 that were NOT paid, one was for 8K, but they were 6 years old,I still got a 103% mortgage at 7.76% in Dec. 02.


    WALLST
     
  9. Jun 21, 2003 #8
    too much

    too much Banned

    Re: Re: Re: Re: Mortgage Loan with a Charge Off?


    Yeah.... you sure couldn't turn down a loan that good..

    Congratulations!
     
  10. Jun 21, 2003 #9
    alent1234

    alent1234 Well-Known Member

    Re: Re: Re: Re: Mortgage Loan with a Charge Off?

    Same with me. I've had loan officers tell me that as long as you are on a payment plan and have the documentation to prove it you are OK.

    The trouble with that is that if it is an old charge off than you change the DOLA date and you either pay it off in full or screw your credit for another 7 years.
     
  11. Jun 21, 2003 #10
    lbrown59

    lbrown59 Well-Known Member

    Re: Re: Mortgage Loan with a Charge Off?

    Just addidng the charge off to the loan amount takes care of this.
     
  12. Jun 21, 2003 #11
    MaddKredit

    MaddKredit Well-Known Member

    Re: Re: Re: Mortgage Loan with a Charge Off?

    I didn't know u could do that.
     

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