Charge Off

You're sure there is no judgment? I thought a charge only pertained to cc's. How is it reporting on your credit reports? The SOL for reporting, and the SOL for collection are two different SOLs.

 

A debt will fall off within the statutory period (usually 7 years based on either date of delinquency or date first reported). A judgment, however, can be renewed. You should make sure that there wasn't a lawsuit filed and a default judgment entered.

 

#1 Find out if there is a judgment.

#2 If there is no judgment, verify the SOL for collecting debts in your state.

#2 Make sure the address for this is not on your CR's. If so call and remove. Then dispute with all CRA's as "not mine," or even "obsolete." It should be fairly easy to get deleted since it iclose to the seven year time limit for reporting anyway.

Even if a judgment has been entered and is renewed it should not be reported as a TL. However, the judgment can be reported under Public Records.

 

Re: Re: Charge Off

Correct. Judgments, as are banktuptcies, are a matter of public record and as such will most likely appear on a CR. And if you're going to be applying for a mortgage, this will more than likely be something you'll have to explain.

 

Our mortgage company required that we pay a medical charge off at closing, $157.00 (they forwarded the payment to the collector after we closed) so as to go into the loan agreement with no bad marks againsts us that they knew about. This may be what they are wanting you to pay it for. If you want to wait a couple of months, have the mortgage company run another CR on you and it might be gone if it's due to expire.

 

Hi Iamworried ,

Don't mean to highjack the thread, but may I ask what your scores were when you closed on your mortgage? Also, how long ago and did you go FHA/VA and what kind of rate did you get. My scores are similar to your and I am mortgage shopping as well. Thanks

 

Hi MaddKredit,

We'll it's a strange thing, you see when we first got our house in Oct 2000, the mortgage was in my husband's name only, he is a veteran so we went VA. They ran his report and required him to pay the collection before they would loan him the mortgage funds. I didn't get on the loan with him at that time, because I had an individual BK7 from 1996. The strange thing is he had no credit on his report, so I don't know what his score amounted to. He had credit elsewhere, I.E; with the trucking company he worked with, with utility companies, and we bought a used car and made payments from a used car dealer, but none of these businesses reported these lines of credit, so in order to get the mortgage approved, I had to get statements from these businesses showing that he was prompt in paying his debts, and of course being a qualified veteran helped seal the deal. We received 8% back then. We kept that loan until 3-2002 then we re-financed the mortgage from 30 years 8% to 15 years 6%, and they added my name to the mortgage without running my credit. I guess I got lucky. Good luck with your search for a good mortgage company. We used First Tennessee Bank.

 

They are telling me that the apartment complex can renew the debt.
5*-How can they do that if there is no judgment?
10*Isn't the statue of limitations in MD seven years for reporting bad debt?
15* Has anyone ever heard of this?
cheather |
================
5*They can't
10*no state is over 7 years
15*The person who told you this don't know what they're talking about.


THE END ** *** ** LB 59
"""""""""```~~~```'"""""""""

 

the judgment can be reported under Public Records.
tulipchic
===========
What about an expired judgment?

 

Judgments, as are bankruptcies, are a matter of public record and as such will most likely appear on a CR.
kickman |
===================
How long does these remain in the public records?
THE END ** *** ** LB 59
"""""""""```~~~```'"""""""""