I understand that if you have an outstanding collection, it must be taken care of before anyone will approve you for a mortgage. But what about write-offs? I settled an CC account a few years ago for less than the full balance due and my CR shows an the account as: "Closed / Account charged off. $xxx written off." Then it also reflects the balance as $0. I am hoping that I won't be required to do anything further with this since the account is settled as far as myself and the creditor is concerned. Does anyone have experience with this?
bauhaus If you are trying to get a conventional or FHA mortgage, then any chargoff or collection that is showing on your CR will have to be paid either before or at closing. There are nonconforming mortgages that will ignore old chargeoffs in some circumstances. Hope this helps fla-tan
Thank you fla-tan! I think I wouldn't mind so much if it was on all 3 CRA's, but it's only on 1 and won't come off...darnit!
