After bk, if a bank says charge off $7000, balance zero, 60 days late 1 time as of 7/1998, status included in bk, how do home refinacing company look at this one, do they consider this debt as being discharged or can they say you have take charge off from the list. Normally fannie mae guideline say 24 months after bk 7, 12 months for streamline refinance. Your comments are appreciated
It is my understanding that they are not supposed to report anything derogatory following a BK, except "account included in BK." Dispute with CRAs to get that crap removed.
If they had reported as charge offs before bk was filed, I think they are allowed to say charge off, included in bk etc...... again I am not 100% sure and expert's comments are helpful. I have credit vision collection account from citbank, they are nasty like everyone. They know it is included in bk but still giving hard time even after 1 year, still it says I owe them $900. I will keep disputing until it comes off.
It is unfortunate, but they can list both. However, they cannot reflect a balance. Usually, if you wait 2 years, they have saved that account to tape and stored it offsite, therefore, you can dispute it and it usually comes off.
david1 It may show as a paid collection, included in BK but they can not force you to pay it. Normally it takes 3 1/2 to 4 yrs after BK before you can qualify for a conventional mortgage. FHA only requires 24 months normally. Hope this helps. fla-tan
