hi it shows as a charge off in my credit

Asked by renelanda45, Sacramento, CA Thu Jul 26, 2012

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Ted Greene’s answer
Ted Greene, Agent, Sacramento, CA
Sun Jul 29, 2012
When the bank charges it off it simply means it is no longer reported as a good loan on their balance sheet. You still most likely owe the money. If it was a second mortgage and the first foreclosed on you then by law the second becomes a sold out junior lien holder and they have up to 4 years to sue you. There are some exceptions and certainly you need some serious legal advice moving forward. I would be happy to talk to you to discuss your situation.
Ted Greene
916.442.6400
Web Reference:  http://www.upsidedownca.com
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Thu Jul 26, 2012
The question is when the charge off occurred. It is possible to get a loan in two years, depending on the loan and your circumstances...sometimes even sooner.

Work with a lender, or better yet, talk to more than one that can determine how/when you might qualify.

Of course, we're assuming that you're interested in buying another home...is that the case?
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Thu Jul 26, 2012
OK, so that would be considered a foreclosure and you do need to wait 3 years from the time that HUD paid off the claim (if its an FHA loan).

Otherwise, you are good to go even with the charge off showing as it was part of the foreclosure.

Best of luck to you!

You may contact me via Trulia if you have more questions. Always happy to help.

Good for you that you want to get back into the market. Home ownership is such a good thing for a family!! cg
0 votes
Kylee Roe, Agent, Sacramento, CA
Thu Jul 26, 2012
That sounds to me like it is reported correctly.It does not sound like it is being reported as outstanding debt, which could leave you non-qualifyable. It's going to be on there for like 7 years! However, you should talk to a lender to see if you can re-qualify. Sometimes in as little as 3-5 years. Call Evelyne Jamet at Vitek Mortgage. She may be able to give you a little "credit direction" as well.
Her number is 916-452-8800
Then call me when you're ready to buy!! :)
Good luck.
Web Reference:  http://www.kyleeroe.com
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